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Russian mogul set to sell Premier League club to US buyer – media

Maxim Demin is posted to sell AFC Bournemouth to Vegas Golden Knights chief Bill Foley

Months after Roman Abramovich completed the sale of Chelsea to a US-based consortium, another Russian owner of an English football team appears set to do the same amid reports that Maxim Demin is poised to sell his stake in Premier League club AFC Bournemouth to Bill Foley, who is owner of NHL team the Vegas Golden Knights.

Foley, 77, is estimated to have a combined wealth in the region of $1 billion and is prepared to pay upwards $130 million of it to fund a purchase of the newly-promoted Premier League club, with a deal expected to be formalized in the coming days, according to The Athletic.   

Foley has held a controlling stake in the Vegas Golden Knights since he was awarded expansion rights to the franchise in 2016 and had previously explored a bid to purchase the NFL’s Jacksonville Jaguars.

More recently, he has turned his attention to becoming the latest big-money US investor to pump his wealth into English football.

Foley, who is heading a consortium to fund the bid, is set to attend Bournemouth’s Premier League game with Leicester City on Saturday having flown to England earlier this week for talks with Demin’s representatives.

He was also present for Bournemouth’s training session on Friday ahead of the fixture and has been given a tour of the club’s stadium and training ground alongside the club’s chief executive Neill Blake.

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If, as expected, the deal is completed in the coming days it will end the Russian-born Demin’s 11-year ownership of the English club after he first became a 50-50 partner with former chairman Eddie Mitchell, and reportedly paid just £850,000 ($940,000) for his stake in the club.

He later bought out Mitchell in 2013 and became the sole owner. 

Demin, who has British citizenship, helped oversee Bournemouth’s dramatic rise through the English football pyramid which culminated in their eventual promotion to the Premier League. 

He has since been lauded for his handling of the football club throughout the Covid-19 pandemic, during which he was forced to grapple with a severe downturn in income amid fixture cancelations and playing games in empty stadiums.

Bournemouth were again promoted to the Premier League ahead of this current season, though they sacked former boss Scott Parker after a difficult start to the season which was highlighted by a miserable 9-0 defeat to Liverpool in late August.

Foley’s initial task will be to appoint a new permanent manager, with Gary O’Neil holding the job on a temporary basis since Parker’s dismissal.

Bournemouth are currently in ninth position in the Premier League after eight games.

https://ift.tt/VdEG5gr 07, 2022 at 08:08PM
from RT – Daily news

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