American investor agrees to buy Exeter Chiefs with plans to inject fresh funding

• Members to hold meeting on 7 May to approve deal

• Club in more saleable position after £10.3m loss last year

Exeter Chiefs have finalised a deal with a wealthy American backer to take control of the club, subject to the approval of their membership. An extraordinary general meeting is to be held on 7 May at which members will be urged to support the move to sell the 155-year-old Devon club and unlock significant fresh funding.

Insiders are describing the impending multimillion pound investment as “meaningful” at a pivotal stage in the development of English professional club rugby. The existing 10-team Prem is to become a franchise “expansion” league from 2029-30 and the race for new funding is accelerating.