Who is AFC Bournemouth’s new owner? Bill Foley net worth and how much takeover has cost
Everything you need to know about Bill Foley’s takeover of Premier League club AFC Bournemouth.
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AFC Bournemouth are the latest Premier League team to get a new owner. There has been plenty of talk surrounding possible takeovers at Liverpool and Manchester United of late, but it is Bournemouth who have become the latest club to get new ownership, and it comes from the USA.
American businessman Bill Foley has completed a deal to purchase the South Coast club, who achieved promotion back to the top flight last season. Bournemouth are three points clear of the bottom three currently, and they recently decided to appoint interim boss Gary O’Neil permanently. O’Neil now has a new boss, and here we run through all the details behind the takeover at the Vitality Stadium.
Who was the previous owner?
Maxim Demin was the previous owner of Bournemouth, purchasing a majority share in the club for £850,000 back in 2011 when the club were struggling financially. Demin bought the remaining 50% two years later, and later sold and bought back shares.
Demin is a Russian-born British millionaire who is said to have made his money in petrochemicals. Bournemouth went from strength-to-strength under Demin’s backing,
Who is Bill Foley?
Foley is a US billionaire who has a history of sports ownership, buying NHL team the Vegas Golden Knights ahead of the 2017/18 season. He also tried to buy the Jacksonville Jaguars before that, but he was beaten to it by Fulham owner Shahid Khan.
Foley is 77 years of age, and he largely made his money in the insurance industry, while also owning a winery and several restaurants. He is said to have a net worth of around £1.2billion.
Foley has completed the takeover of AFC Bournemouth on a deal worth more than £100million. Foley is said to have been in negotiations for months ahead of finally completing the deal, which was approved by the Premier League following an assessment of the American, as part of the usual process.
According to Sky Sports, Foley will begin his reign by giving O’Neil significant funds to improve his squad just months after Bournemouth were criticised for not investing during the summer window. Former boss Scott Parker criticised the board for their lack of backing following promotion and was sacked shortly after.
What Foley has said
Foley said in a statement following the takeover: “I have tremendous respect for the passion and support the Bournemouth community shows for this club and believe that connection to the community is the foundation for success of any sports team.
“We will move forward with an ‘always advance, never retreat’ approach that has defined all of my endeavours. I am committed to work with the best football and business minds available to enhance player development, facilities, and the fan experience to put AFC Bournemouth in the best possible position to succeed.
“Without the belief and financial backing of Maxim and his family, AFC Bournemouth might well have ceased to exist. Maxim’s support and involvement has allowed the club to establish itself as a top-flight team. We’d like to thank him for his co-operation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focuses on his other business endeavours.”