Bill and Black Knight FC completed their takeover of Bournemouth. Sky Sports News believes the deal is worth more than 100 million dollars.
The deal was finally approved by the Premier League after a stringent owners and directors test, after months of negotiations, which resulted in the replacement of Maxim Demin.
The managing general partner of Black Knight Football Club has purchased a 100 percent stake from the previous owner.
The connection to the community is the foundation for success of any sports team according to the statement.
All of my efforts have been defined by an "always advance, never retreat" approach. I am committed to working with the best football and business minds to enhance player development, facilities, and the fan experience to put Bournemouth in the best possible position to succeed.
The next home game for the Cherries will be against Crystal Palace on December 31st.
He made his money in the insurance industry before buying the Vegas Golden Knights. He has a reported net worth of over one billion dollars.
Michael B Jordan is a member of the minority ownership group. Bournemouth is Jordan's first venture into professional sports ownership and he will work closely with Foley in areas such as global marketing and internationalisation.
After his intention to purchase Bournemouth became clear, he flew to the UK in October to take a tour of the club's facilities.
The training ground on the south coast will be developed, as well as the expansion of the stadium. Gary O'Neil is expected to get money to spend on new players in the January transfer window.
O'Neil was confirmed as Bournemouth's permanent head coach on an 18-month deal last month.
At the end of August, O'Neil became the new manager and has done well. Under the 39-year-old, Bournemouth have won four, drawn four and lost four and are 14th in the premier league.
Bournemouth's ascension from League One to the premier league in less than five seasons is one of the reasons why Demin leaves the club.
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If it weren't for the financial backing of Maxim and his family, Bournemouth might not have existed. The club has been established as a top-flight team thanks to Maxim's support.
We would like to thank him for his co-operation and praise his hard work as owner of the club. As he concentrates on his other business, we wish him well.
O'Neil, already a players' and fans' favourite, was the one who the Bournemouth hierarchy felt deserved to stay in the job.
Eddie Howe, Bournemouth's former boss, will be in charge of the Cherries for the first time after the World Cup. They will play in the premier league on the 27th.
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Sky sports reporter Mark McAdam is working.
It was a great day for Bournemouth fans. They have been waiting for a long time. The takeover of the club has been approved by the league.
The deal is worth in excess of £100m and it's the start of an exciting new era. It's a big day for Bournemouth who are 14th in the league. Bill Foley is a hugely ambitious man who will have huge plans for the club.
He is 78 years old tomorrow, so this is a present for him. Demin will be remembered as the greatest owner in the club's history. He hasn't done a media interview in over a decade.
He is a hard worker. Since he arrived, he has been very generous. He invested over $250 million and supported the club when it was demoted from the top flight.
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The infrastructure and the training ground have been developed by him. He's always been a huge fan of the club. It has been taken to a new era by him. He has taken their dream and made it into the premier league.
It shows the direction of the football club. It shows you what direction he wants to take it in. Michael B Jordan is best known for his roles in Black Panther and Creed. He is only 35 years old and this is his first chance to own a sports team.
Bournemouth's plans and the type of club it will be moving forward will be shown by the fact that he is part of their new ownership and consortium.
"You don't buy a football club for more than 100m if you're not planning to invest in it and inject money and to try to take it to the next level, so it's clear there are some hugely ambitious and exciting plans for Bill Foley and his team."
There will be new faces in January and there will be work on the stadium. The training ground will be state-of-the-art and he wants to spend money on the academy and the women's team.
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