Bill Foley has completed his takeover ofAFC Bournemouth from previous owner Maxim Demin after the transaction received all necessary approvals from thePremier League.

Foley, 77, also has an extensive background in sports including success as the founder and owner of the National Hockey League’sVegas Golden Knights.

The Athleticreported in October that Foley had a verbal agreement in place to buy Bournemouth for £120million, and that he had plans to upgrade the club’s stadium and training facilities.

Bournemouth confirmed in a statement on Tuesday that, under the terms of the agreement, Foley leads a partnership, known as Black Knight Football Club, that has acquired Demin’s 100 per cent stake in the south coast club.

Speaking on the announcement, Foley said: “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.

“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.”

The statement also confirmed that Foley had assumed the role of chairman with immediate effect and would be attending the club’s next home game, againstCrystal Palace on December 31.

There are also minority investors in the new ownership structure involved in the club, which includes award-winning Hollywood actor Michael B. Jordan. The investment being Jordan’s first foray into professional sports ownership.

Demin leaves the club after 11 years as Bournemouth’s owner, where he oversaw the club’s rise from League One to the Premier League in less than five seasons.

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(Photo: Getty Images)