Bournemouth’s takeover by Bill Foley has been completed.
Foley’s takeover of Cherries has finally been ratified by the Premier League, meaning the American businessman is the new owner of the Dorset club.
Approval for the reported £120million-deal sees control of the club move from Swiss-based Russian businessman Max Demin to Foley, who also owns National Hockey League side the Vegas Golden Knights.
Agreement had been reached back in October, with Foley visiting the Vitality Stadium to watch over Cherries’ 2-1 win over Leicester City.
Aside from being the majority owner of the Vegas Golden Knights, the 77-year-old also chairs one of the US’ largest insurance companies, Fidelity National Financial, as well as Cannae Holdings, who are involved in the deal.
Foley will become chairman of the club, and will be in attendance when Cherries host Crystal Palace on 31 December.
Ultimately, Cherries will be owned by Black Knight Football and Entertainment (BKFE), which in turn is owned by Cannae Holdings, who hold a 50.1 per cent stake, with Foley controlling 25 per cent of shares.
The remaining 24.9 per cent of shares will be owned by a minority ownership group is led by actor, director and producer Michael B. Jordan and Nullah Sarker.
Cannae Holdings’ total commitment to acquire their share in BKFE will be $150.7m (£126.18m), paid in three instalments.
