Exeter Chiefs CEO Tony Rowe has confirmed the new investment secured by the takeover from Black Knight Rugby will go back into the playing squad, with the Devonians now set for a major recruitment drive.
The takeover from the American consortium, the first trans-Atlantic investment into a PREM Rugby club, was completed yesterday (Tuesday, 30 June 2026), following approval from club members back at the start of May.
It is also the latest investment into the English top flight, following Red Bull’s takeover of Newcastle and Sir Jim Dyson buying 50% of the shares in Bath.
‘The investment is in the squad’
While Rowe has previously outlined that the takeover was prompted to take the financial burden off himself after 25 years of keeping the club afloat, the CEO has also hinted that the increased money will likely lead to a major investment into their playing squad.
“First of all, we will clear some of our debt. Black Knight were quite happy that we could clear our debt, and we’re going to put some of that money back into the squad.
“We’re not going to put it into any capital project; we’ll put it into our squad. Hopefully, we’ll be able to spend to the salary cap next season. The investment is in the squad.
“We’ve got a massively talented squad, if we lack anything at the moment it’s experience – our trip to Twickenham (for the final) probably showed that – and strength in depth. We’ve got to get those fixed, which we think we can do for next season.”
The timing of this impending recruitment drive is also going to be a matter of interest to both clubs and supporters right across the PREM, but it seems it is already underway.
“We did pre-empt it a little bit,” Rowe said. “We’ve been talking to Black Knight since way before Christmas, so we’ve known for a few months that, unless something was drastically wrong, today was going to happen.
“Rob (Baxter) and I have been recruiting for the past two or three months.”
The Devonians have already added some fresh faces to their squad for next season, with Nika Abuladze, Harry Wilson, Sam Wolstenholme, Sam Harris, Dallas McLeod, Will Butt and Jake Murray all headed to Sandy Park, but have also seen as many as 20 players head for pastures new.
Len Ikitau is set to return to Australia, while Christ Tshiunza will head to Sale Sharks, Will Rigg and Rusi Tuima are set to follow former Chief Josh Hodge to Newcastle Red Bulls and the likes of Scott Sio, Dan John, Charlie Chapman, Martin Moloney, Will Becconsall, Iwan Jenkins, Tamati Tua and Kwenzo Blose are also departing the club.
‘We want to be the best club in the world’
That recruitment drive doesn’t come without expectation, though, and the CEO has set Exeter some lofty goals looking down the track.
“We want to be in the World Club competition, and I’ve got no doubts that we’ll get back to being in European finals within the next three or four years. That’s the target,” said Rowe.
“We want to be the best club in the world.”
Elsewhere, Rowe also confirmed the club could look to improve their in-house training facilities at Sandy Park.
‘Survival’
Prior to the dealings with Black Knight, Rowe had been very open about his search for fresh investment into the club, amid post-COVID struggles.
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In January, it was confirmed that Exeter had suffered a pre-tax loss of £10.3 million in the 2024/25 season, which coincided with their worst-ever top-flight campaign in which they finished ninth.
“The club was running out of money,” Rowe explained. “It’s as simple as that.
“I don’t think people really acknowledged that all the PREM clubs lost between £20-£25 million during COVID and lockdown and all the rest of it. When you lose £20 million, that’s a very big hole to fill in a company.
“A lot of the clubs have survived because the guy behind it has put his hand in his pocket. I couldn’t put my hand in my pocket any more, that’s the reality of it. It wasn’t fair on my family to keep putting money into the rugby club.
“We had to do something. It’s survival.”
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“The reality is, if you rewind back to 2022, it became obvious the business wasn’t going to come back quickly after COVID. We had the energy crisis, and we were really short of money at the club.
“The board became aware, probably around 18 months to two years ago, that if things didn’t significantly change, then we would have to look to find a financial partner. Then, we had a disastrous season in 2024/25, and the reality was that it wasn’t enough to bring supporters back in.
“By July last year, roughly this time last year, we were aware we needed a financial partner and we started to look around then.
“It came as no surprise. We could see it coming down the track.”
However, Rowe is confident the new backing from Black Knight will take the club to new heights in the near future.
“It’s been a real pleasure to do what I’ve done over the past 25 years or so, but it’s been a bit of a struggle post-COVID,” he added.
“It’s been a challenge keeping the club alive the past few years, but I’m really excited about where we are now. We’re stepping into a new phase of our development.
“Rob (Baxter) and I share an ambition to achieve at least what we’ve achieved (in the past) if not more, if we can, and hooking up with Black Knight is good for us. I’m excited.
“The agents that we appointed to take us into the marketplace found 86 interested parties around the world, and that then whittled down to about 11 or 12 that were seriously interested. When you looked into who they were and what substance they’ve got, there were only two or three that we contemplated, but Black Knight stood out.
“Three or four years ago, they took over AFC Bournemouth and they appear to have done a fantastic job there. I’ve spoken to a few supporters and a former director at Bournemouth, and everybody says they’ve done a good job. It’s a very good company.”
“If you had to choose an investor in the world of sport, you could not choose better than Black Knight. I am absolutely over the moon.
“I look forward to working with Black Knight Rugby to support the club. Black Knight’s partnership from both a capital and operation perspective will allow Exeter Chiefs to move into the franchise era with ease.
“With Black Knight, we can look forward to a positive future, building on what we have already achieved to keep pushing for success on and off the pitch.”