AFC Bournemouth Nears £120m Takeover
American businessman Bill Foley has reached a verbal agreement to buy Premier League football club AFC Bournemouth for £120m, according to The Athletic.
The expectation is that the deal will be completed in the coming days, after Foley arrived in Bournemouth earlier this week to seal the deal.
Foley is the owner of the NHL franchise the Vegas Golden Knights and chairman of Fidelity National Financial, which is one of the largest insurance companies in the United States.
The 77-year-old has an estimated net worth is over $1bn and is leading a consortium set to purchase Bournemouth from Russian-born British businessman Maxim Denim.
Demin’s ownership of the Cherries dates back to 2011, when he acquired 50% of the club, before taking full control two years later. Bloomberg reported in September that Denim was keen to find a buyer after he appointed California-based advisory firm Montminy & Co to oversee the sale of the club.
Bournemouth’s revenue for next year is expected to reach £150.1m, compared to the £118.5m reported this year.
If the sale goes through it will yet another US owner enter English football’s top-flight following Todd Boehly’s recent takeover of Chelsea. Two US groups are also showing interest in another Premier League club, Everton, as the American market looks to capitalise on the weak pound.
AFC Bournemouth are currently ninth in the Premier League after eight matches, but without a permanent manager in place after the sacking of Scott Parker in August. Appointing a new boss will be one of Foley’s priorities.
Foley will be in attendance at the team’s home game against Leicester City on Saturday 8th October.
