The owners of Premier League side AFC Bournemouth have completed their takeover of Exeter Chiefs.
Cannae Holdings’ Black Knight Rugby are the first US-based group to take control of a top-flight side in English rugby.
BBC Sport understands the deal for this month’s beaten Prem finalists is worth in the region of £25m.
The club’s members, who had owned the two-time Prem champions and 2020 European Champions Cup winners, voted last month to to approve the plans.
It is a first rugby investment for Black Knight, who also have stakes in French football club FC Lorient as well as owning Auckland FC.
Exeter are the latest Prem club to secure major new investment.
Last August energy drinks giant Red Bull bought Newcastle, while Bath have been boosted by businessman James Dyson taking a 50% stake in the Prem champions.
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