Bill Foley’s £150m takeover at Bournemouth can help drive the club forward and “establish them as a long-term presence” in the Premier League, insists former club chairman Trevor Watkins.
Las Vegas businessman Foley, who owns National Hockey League club Las Vegas Golden Knights, has agreed a deal to buy out Max Demin and paperwork is now with the Premier League to ratify the sale. The change in ownership will be confirmed when billionaire Foley, who watched the Cherries’ weekend win against Leicester, passes the owners and directors test. i understands that could be complete by the end of the month.
It will mark the start of a new era for the South Coast club, with new training facilities and stadium development on the agenda in the long-term alongside long overdue squad strengthening in January.
Former Cherries chairman Watkins, who is Head of Sports and a partner at Pinsent Masons, believes the takeover has the potential to consolidate Bournemouth’s progress over recent months and move the club forward. He has advised on numerous takeovers and helped to bring Chicago-based Peak6 on board as investors in the club in 2015, so is uniquely positioned to comment.
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“It will be evolution, not revolution,” he told i.
“[Current co-owner] Max [Demin] has overseen the greatest period of success for Bournemouth football club. Whatever anyone’s opinions, he needs to have the greatest thanks from fans because if he hadn’t come on board we’d have remained languishing in the Championship, which was our sum achievement prior to him getting involved.
“We’ve had a very successful period on the field but we’ve not got the infrastructure, save for the acquisition of training ground which hasn’t – as yet – been developed.
“What Bill Foley will bring – based on what’s in the public domain – is shrewd business values, the experience of running a top flight side outside of AFC Bournemouth and an international footing – which the club currently does not have – alongside a detailed and forensic experience of how to operate facilities.
“So for Bournemouth, being back in the Premier League and being reasonably well placed, having a new owner coming in who has different skills and different experiences from the existing ownership offers a real sense of opportunity.”
Foley is expected to retain many of the staff he inherits – at least in the short-term – with chief executive Neill Blake and technical director Richard Hughes both staying on. Caretaker boss Gary O’Neil will also hope for clarity on his role after leading the club to an impressive unbeaten run since taking over from Scott Parker.
“The club is going to get vision, values and Vegas,” Watkins said of the Foley group.
“Mr Foley is someone with vision, who will lead from the front and is talented and has done it before overseas and I think he understands and is shrewd enough to understand the sensitivities of the English fan.”
Foley’s acquisition will take the number of clubs either majority or minority owned by Americans in the league to 10 – half the division – with Arsenal, Leeds, Aston Villa, Manchester City, Manchester United, Chelsea, Fulham, Liverpool and Crystal Palace all preceding the Bournemouth buyout.
Watkins advised Alan Pace on his Burnley takeover for Pinsent Masons and says it is inevitable there will be further investment through the leagues.
“Generally US investors come to our game and across Europe because they believe in it as a value proposition, because they believe in it because of the fans and the experience it brings,” he said.
“That’s where I think they’re coming from.”
Watkins says he will be open to helping out the club if asked to lend his expertise to the project by the new group. “If I were to get the call and were asked to help, who wouldn’t want to?
“This (takeover) will bring a long-term, sustainable presence in the Premier League and allow them to grow and grow. It’s an incredibly exciting prospect.”
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