Bournemouth in stunning £120m takeover as Hollywood A-lister Michael B. Jordan becomes part-owner of Prem club
AMERICAN businessman Bill Foley has completed his takeover of AFC Bournemouth - with a sprinkling of star dust.
The new era at the Vitality includes a minority ownership group led by Hollywood A-lister Michael B. Jordan.
Creed actor Jordan, 35, is trying his hand at owning a professional sports team for the first time.
Foley, 77, will become chairman and plans to be at Bournemouth's next home match against Crystal Palace on New Year's Eve.
The Premier League have ratified the deal after previous owner Maxim Demin sold his 100 per cent stake to Foley's Black Knight Football Club.
Foley, who also owns NHL franchise Vegas Golden Knights, passed the owners and directors test.
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It is thought the takeover, which was , is worth around £120million ($150m).
He is the latest American to invest in a Prem club following Todd Boehly's takeover at Chelsea earlier this year.
Foley was at Bournemouth's home game against Leicester in October, with reports claiming he is worth as much as £1.2billion.
He said in a statement: "I have tremendous respect for the passion and support the Bournemouth community shows for this club and believe that connection to the community is the foundation for success of any sports team.
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"We will move forward with an ‘always advance, never retreat’ approach that has defined all of my endeavours.
"I am committed to work with the best football and business minds available to enhance player development, facilities and the fan experience to put AFC Bournemouth in the best possible position to succeed."
Swiss-based Russian businessman Demin, 53, owned the Cherries for the last 11 years.
He oversaw the club's rapid five-year rise from League One to the Premier League.
And Foley added: "Without the belief and financial backing of Maxim and his family, AFC Bournemouth might well have ceased to exist.
"Maxim’s support and involvement has allowed the club to establish itself as a top-flight team.
"We’d like to thank him for his co-operation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focusses on his other business endeavours."
Gary O'Neil was confirmed as permanent boss last month after 12 games as interim boss following Scott Parker's sacking.
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The Cherries are currently 14th in the Prem, with claiming Foley will fund new signings in the January transfer window.
He also intends to expand the 11,379 seater Vitality Stadium and develop the training ground.
