EXETER Chiefs are set for a major financial shake-up after the billionaire owners of AFC Bournemouth emerged as the investors poised to take control of the Premiership club.

Black Knight Sports & Entertainment and Cannae Holdings, both fronted by American tycoon Bill Foley, have won the race to buy into the Devon side. Members will vote on the proposed deal at an extraordinary general meeting at Sandy Park on May 7.

The identity of the mystery US consortium had been the subject of intense speculation since news of a takeover first broke. Now, one of the most powerful multi-club ownership groups in world sport is ready to enter rugby union.

Foley’s portfolio already includes Bournemouth in the Premier League, French side FC Lorient, New Zealand’s Auckland FC and NHL team the Vegas Golden Knights. The group also owns a majority stake in Portuguese club Moreirense and holds 25 per cent of Hibernian.

Sources close to negotiations say Oakwell Sports Advisory helped broker the agreement, which comes at a critical moment for the Chiefs and English rugby as clubs seek fresh funding and greater long-term stability.

Chiefs’ chairman Tony Rowe, whose businesses have financially supported the club for almost 30 years, has repeatedly spoken of the need for outside investment.

In an interview with The Guardian, Rowe said: “I’ve effectively run a business for the last 30-odd years for a shareholder who’s got no money.

“What I’m looking forward to is an investor who’s got some money. That’ll be a massive difference for me. I think it will put us in a really good place to take advantage of the future.

“Whether you like it or not, professional sport is all about money. We need money to survive.”

Further evidence the deal is nearing completion came on Saturday when Black Knight board member Ryan Caswell attended Chiefs’ thrilling 35-28 defeat by Northampton Saints as Rowe’s guest.