A group led by Bill Foley, the majority owner of the National Hockey League’s Vegas Golden Knights, is in exclusive talks to buy AFC Bournemouth.
Max Demin, a Russian businessman, tried to sell the club several times over the past four years. However, his efforts were intensified when Bournemouth returned in the Premier League in May.
Montminy & Co, a boutique investment bank based in Santa Monica, was appointed earlier this year to market the club, with a view to attracting offers from American investors. It is understood that several groups have looked at Bournemouth in recent months but none has progressed as far Foley’s.
Demin’s asking price is in the region of £150 million ($172 million), which is a similar amount to how much he has lent the club in interest-free loans since buying into them in 2011.
Foley is the chairman of Fidelity National Financial, one of the largest insurance companies in the US, but is best known for bringing the first major professional sports franchise to Las Vegas, ice hockey’s Golden Knights, and achieving immediate success.
In 2017-18, their first season in the league, the team reached to Stanley Cup Finals. The Washington Capitals lost, and they then advanced to the play-offs the following three seasons. They failed to make the playoffs this season despite another win record.
Bournemouth’s recent history has been bumpier than that. They were almost bankrupt in 2008 and nearly lost League Two the following year. However, their escape was the catalyst for a dramatic climb up the pyramid that culminated with them being promoted to the Premier League in 2015 as champions.
With former player Eddie Howe in the dugout, the south coast club then defied the financial disadvantage of playing in a small, rented stadium, by staying in English football’s top flight for five seasons. They were relegated in 2020, but after losing in the playoffs in 2021, finished second in Championship to earn promotion.
This campaign was another rollercoaster ride. A win against Aston Villa on the opening weekend was followed by three crushing defeats, including a 9-1 loss by Liverpool. Scott Parker was subsequently fired as manager. But, their results have improved and they beat big-spending Nottingham Forest last time.
But 11 years of bankrolling the club have cost Demin, a UK citizen based in Switzerland, millions of pounds and he has been unable to solve Bournemouth’s housing problem. The landlords failed to sell their house, known as Vitality Stadium. There has been no talk of moving to a different site.
Furthermore, plans to wean themselves off Demin’s support by upgrading their academy have also not got beyond the drawing board. The club has bought land for a new training base at an old golf course – and planning permission has been granted – but work has halted on the £35m project.
It is easy to see why Demin is considering selling when you consider all of these costs and the expense of keeping Bournemouth in Premier League until matchday.
It is also easy to see why Foley and his fellow investors are interested in the chance to become the Premier League’s latest American owners. He spent many years trying to bring Major League Soccer franchises to Las Vegas. His success with the Golden Knights has been impressive. The strength of the dollar against the pound has also knocked millions off Bournemouth’s price tag.
Get Deeper
Bournemouth borrows money from Macquarie bank.
(Photo by Getty Images).
