Bournemouth has confirmed their takeover by the consortium led by Bill Foley. After months of talks, the acquisition was eventually approved by the Premier League after a rigorous owners and directors test, and Foley replaces Maxim Demin as the latest American to invest in English football. Foley, who serves as the managing general partner of Black Knight Football Club, has acquired the entire stock of the organisation from outgoing owner Demin.
“I have a lot of respect for the devotion and encouragement the Bournemouth community has shown for this team and I think that a team’s success depends on its ability to connect with the locals,” Bill Foley said after completing the takeover for Bournemouth. “We will proceed with the same philosophy of “always forward, never retreat” that has guided all of my initiatives. To put AFC Bournemouth in the greatest possible position to succeed, I’m dedicated to collaborating with the best football and business minds out there to improve player development, infrastructure, and the fan experience.”
On December 31, the Cherries’ next home game against Crystal Palace, Foley will take over as chairman and be present. The 77-year-old, who is located in Las Vegas, acquired his fortune in the insurance sector before purchasing the Vegas Golden Knights of the National Hockey League. He also owns a winery and several restaurants, and his estimated net worth is £1.2 billion. Award-winning actors Michael B. Jordan and Nullah Sarker are in charge of the minority ownership group. Jordan’s first venture into professional sports ownership is Bournemouth, and he and Sarker will collaborate closely with Foley on matters like worldwide marketing and expanding the club internationally.
After it was made obvious that Foley intended to buy Bournemouth, he travelled to the UK in October to see the club’s facilities and watch the Cherries defeat Leicester 2-1 at home. Foley has already made known his intentions to build a new training facility on the south coast and enlarge Vitality Stadium. In less than three weeks, the January transfer window will open, and Foley is also anticipated to hand head coach Gary O’Neil money to spend on fresh additions.
Following 12 games in interim leadership, Bournemouth announced O’Neil as their new head coach last month on an 18-month contract. At the end of August, O’Neil took over for the fired Scott Parker, and he has done well in his first managerial position. Under the 39-year-old, Bournemouth sits 14th in the Premier League, three points above the relegation zone, with four wins, four draws, and four losses. Demin leaves Bournemouth after 11 years as the club’s owner, a tenure that saw the team rise from League One to the Premier League in under five seasons.
“AFC Bournemouth might not have survived without Maxim and his family’s support and financial commitment. Because of Maxim’s assistance and involvement, the club has become a Premier League squad,” he added. “He was a great help throughout the process, and we appreciate all the hard work he put in as club owner. As he concentrates on his other business ventures, we wish him the best.”
Although former Leeds head coach Marcelo Bielsa has conducted talks with the Dorset club about a future return to the Premier League, new owner Foley and the Bournemouth administration believe that O’Neil, who is already a player and fan favourite, deserves to remain in the position. Following the World Cup break, Bournemouth will resume play next Wednesday when they travel to Newcastle to compete in the Carabao Cup against Eddie Howe’s former team. On December 27, they travel to Chelsea in the Premier League.
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