Prospective new AFC Bournemouth owner and NHL side Las Vegas Golden Knights owner Bill Foley has spent the last few days in Bournemouth and it has now been reported that a verbal agreement has been reached for the sale of the Cherries from Maxim Demin.
Just three weeks ago, it was reported that the deal was just “weeks away” and unusually for complex business takeovers that appears to be ringing true.
On Tuesday evening speculation was ramping up over a potential trip by Bill Foley from Las Vegas to Bournemouth.
On Wednesday, social media was full of messages, with people using flight radar websites to track a private plane flying directly from the west coast of the United States of America to Bournemouth Airport.
That plane was even recorded on it’s approach to landing.
Welcome to Bournemouth Bill… #afcb #bournemouth #premierleague pic.twitter.com/2iKjzJ2Yh5
— @AFCBDad 💬🍒Simon Kayđź’ˇ (@AFCBDad) October 5, 2022
On Thursday it was reported by BBC Radio Solent Sport’s reporters Jordan Clark and Kris Temple, that the American businessman watched the AFC Bournemouth squad train earlier that day and was having a full tour of the facilities at Dean Court alongside AFC Bournemouth chief executive Neill Blake.
🍒 Further to the news we brought you yesterday morning on @solentsport, prospective new #AFCB owner Bill Foley is at Vitality Stadium today, meeting and touring the facilities with chief exec Neill Blake & others. #bbcfootball https://t.co/5X2QSW1t4l
— Kris Temple (@kristemple) October 6, 2022
On Thursday evening came the news that a verbal agreement was in place for the purchase of AFC Bournemouth.
The Athletic  reporting in an apparent exclusive, that the deal worth £120million is expected to be completed in the coming days.
The report went on to add…
“Foley flew over to Bournemouth earlier this week and is expected to attend the team’s home game against Leicester City on Saturday.
“It will be the first time he has been to a Bournemouth game.
🚨 EXCLUSIVE: Bill Foley has a verbal agreement in place to buy #AFCB for £120million, with the expectation that the deal will be completed in the coming days.
Story below for @TheAthleticUK https://t.co/DMHWU2ughe
— Ahmed Shooble (@AhmedShooble) October 6, 2022
Once the takeover is completed it will end the near 11-year ownership of AFC Bournemouth by Russian businessman Maxim Demin.
Demin became then AFC Bournemouth chairman Eddie Mitchell’s 50-50 partner, back in November 2011 after he purchased Jeff Mostyn’s 44% and Steve Sly’s 6% share of the football club
At that stage, he had been a regular visitor during the Cherries promotion season from the fourth tier of English football.
Having been co-owner during the Cherries promotion from the third-tier of English football, in September 2013 he bought out Mitchell and became the sole owner of AFC Bournemouth.
In November 2015, shortly after winning promotion from the second tier of English football and earning a place in the Premier League, Demin sold 25% of the football club to Chicago-based company Peak 6, however that relationship didn’t last long with Demin repurchasing the shares in January 2019.
Demin has remained in sole control of AFC Bournemouth, having successfully steered the club through two seasons that were heavily hit by the Covid-19 pandemic, which saw crowds banned from stadiums, compounded by relegation from the Premier League.
The 2021/22 season saw crowds return and with it, AFC Bournemouth’s status as a side in the top flight of English football, winning promotion back to the Premier League in May 2022.
Your say…
kirsikka wrote…
I guess we find out soon if he’s going to then leverage the buyout money against future PL TV revenue, like with the Burnley one.
I’ll admit to being nervous about this change. I’m not sure we’ve seen too many good US owners in English football yet, but there are certainly a slew of crap ones. Here’s hoping Foley bucks the trend.
yanh_ replied…
The one thing that gives me hope that Foley will be a good owner for us is that if he doesn’t invest in the club then where is he going to even get his money back from if he ever chose to sell? We don’t have any assets (other than playing staff) to speak of, if the club were outside the Premier League then we would be worth significantly less than what he has paid for us. He has to grow the club to keep or improve his initial investment.
Silent AFCB added…
My guess is the club will still be in ÂŁ150m of debt, just to Foley not Demin after Foley lends the club to pay Demin his dues.
northstandmark replied…
This is what happened to Burnley basically, so yes it is a risk and a worry. We’ll just have to see. I can understand people being concerned until they hear otherwise.
Our lack of concrete assets and gate receipts currently, makes me think we’d be a really poor choice for a leveraged buyout because our underlying credentials make it hard to service and ever pay back that kind of loan as previously alluded to.
What we are good for as a club, is a cheap (on the scale of things) Premier League club right now, and a bit of a blank canvas, with some potential for growth. – To join the conversation, click here.
Maxim has been superb for AFC Bournemouth
and we should all sincerely thank him.
Hopefully, the new owner will continue that good work