A partnership led by American businessman Bill Foley has completed its takeover of Bournemouth.
Former owner Maxim Demin has sold his 100% stake in the Cherries to Foley’s Black Knight Football Club.
Foley, the owner of the NHL’s ice hockey franchise, the Vegas Golden Knights, assumes the position of president.
In a statement, the club said Foley was “committed to providing the necessary investment to sustain and build on Bournemouth’s recent achievements”.
“I have huge respect for the passion and support the Bournemouth community shows for this club and believe that the connection to the community is the foundation of any sports team’s success,” said Foley, 77.
“We will move forward with an ‘always forward, never back’ approach that has defined all my endeavours. I am committed to working with the best minds in football and business available to improve player development, facilities and fan experience to put AFC Bournemouth in the best possible position to succeed.”
Foley featured in Bournemouth’s win over Leicester in October and will feature in their next home game against Crystal Palace on December 31.
He has already bought a house in the Bournemouth area to “reaffirm his commitment” to the club and the surrounding community.
Foley is chairman of Cannae Holdings Inc., which owns a 50.1% stake in the club.
The minority ownership group is led by Hollywood actor Michael B. Jordan, in what is his first foray into professional sports ownership.
It is the latest US investment in the Premier League after a group led by Todd Boehly took over Chelsea in May.
Liverpool, Manchester United, Arsenal, Aston Villa, Crystal Palace, Fulham, Leeds, West Ham and Manchester City also have some scale US investment.
Former owner Demin leaves Bournemouth after 11 years in which he oversaw their rise from League One to the Premier League in less than five years.
The Cherries are currently 14th in the English top flight and resume their Premier League campaign after the World Cup break when they travel to Chelsea on December 27.
“Without the belief and financial support of Maxim and his family, AFC Bournemouth might well have ceased to exist,” Foley said.
“Maxim’s support and involvement has allowed the club to establish itself as a top-flight team.
“We would like to thank him for his cooperation throughout the process and commend his hard work as owner of the club. We wish him well as he concentrates on his other business pursuits.”