American Backer Set to Take Control of Exeter Chiefs in Multi-Million Pound Deal

Exeter Chiefs are on the verge of a significant change in ownership after finalising terms with an American investor prepared to inject fresh capital into the struggling Premiership club.

The deal, which requires approval from the club's membership, will be put to an extraordinary general meeting on 7 May. If given the green light, it would mark the end of Tony Rowe's three-decade involvement as the Devon side's principal backer.

The 77-year-old, who has repeatedly propped up the club through his companies, has made clear he cannot commit any further personal funds. Sources close to the negotiations describe the pending investment as meaningful at a crucial juncture for English professional rugby.

The timing is no coincidence. The Premiership is undergoing a major restructuring, with the 10-team league set to become a franchise expansion competition from the 2029-30 season. Clubs are racing to secure fresh backing and strengthen their positions ahead of the new commercial landscape.

Exeter finished ninth in the league last season, posting an annual loss of 10.3 million pounds. However, the club has climbed to fourth this term and reached the Challenge Cup semi-finals, making it a considerably more attractive prospect for investors. More than 80 companies and individuals reportedly expressed interest before the preferred backer was identified.

Rowe said the proposal was straightforward: the proposal is for the members to accept. He declined to discuss further details other than confirming it was an American investor eager to enter English rugby.

Under the proposed arrangement, Rowe would remain at the club following the takeover. Director of rugby Rob Baxter has also committed his future by signing a new extended contract.

The move comes as Prem Rugby pushes ahead with plans to bring external investment into the competition. The league sold 27% of its commercial rights to private equity firm CVC Capital Partners for roughly 200 million pounds several years ago, stabilising finances after the Covid-19 pandemic.

Recent high-profile acquisitions include Red Bull's takeover of Newcastle Falcons and billionaire Sir James Dyson's purchase of a 50% stake in Bath. For Exeter, the American deal represents both a financial lifeline and an ambitious statement of intent as the club looks to establish itself in the next era of professional rugby.