In a move that could reshape the landscape of English rugby, Exeter Chiefs have officially approved a takeover bid by the owners of Premier League football club AFC Bournemouth. The decision came after a special general meeting on Thursday night, where members and shareholders voted overwhelmingly in favor of the proposal from Cannae Holdings' Black Knight Sports and Entertainment.

If finalized, this deal would see the American investors acquire all shares in the Devon-based club, marking a significant milestone as the first time foreign football owners have invested in an English top-flight rugby team. However, Exeter chairman and chief executive Tony Rowe was quick to temper expectations, stating, "This does not represent a firm offer. It is just a non-binding expression of interest at this stage."

The due diligence process is currently underway and is not expected to be completed before the end of May. Black Knight, which also holds stakes in French club FC Lorient and owns Auckland FC, will need to navigate this period carefully before any official offer can be made.

This development comes at a time of significant change in English rugby. The Premiership is moving toward a franchise-style model, doing away with promotion and relegation, while aiming to expand back to 12 teams. Exeter's potential new owners join a growing list of investors in the sport, following Newcastle's acquisition by energy drink giant Red Bull in August and Sir James Dyson's recent co-ownership of Bath.

For Exeter fans, this represents a potential new chapter for a club that has risen from the fourth tier of English club rugby to become two-time Premiership champions and 2020 European champions under Rowe's decades-long leadership. The proposed takeover would end Rowe's storied tenure at the helm, but it could also usher in a new era of investment and ambition for the Chiefs.