Exeter Chiefs have finalised a proposed takeover by an American backer as the investor influx to Prem Rugby continues.
The Devon club will now put the offer to a vote by their 700 members in a special general meeting early next month.
Approached by BBC Sport, chairman Tony Rowe declined to comment on its specifics until he had outlined plans in full to the members.
Exeter’s latest accounts showed more than £10m in post-tax losses and Rowe, who has been key to funding the club over the past 30 years, has publicly sought new owners to sustain the club in the longer term.
Newcastle were bought up by energy drink giant Red Bull in August, while billionaire industrialist Sir James Dyson become co-owner of Bath in March after sinking significant new capital into the champions.
American investment bank Raine and consultant Deloitte have been recruited to pitch the league and its clubs around the world.
A franchise-style model, with on-pitch relegation scrapped, will come into the English top flight next season, with Prem officials adamant that it provides the certainty needed to lure new investment.
There are plans to add another two teams to the 10-team league via a tender process by 2029, and an ambition to have 20 sides, potentially across two US-style conferences, by 2040.
Exeter are the most notable success of the traditional promotion-relegation model, having won their place in the Premiership for the first time via a two-legged play-off win over rivals Bristol in 2010.
A decade later, they lifted an English and European title double.
After a miserable ninth-place finish in 2024-25, the Chiefs have enjoyed a resurgence this season. They occupy fourth spot in the league and are into the semi-finals of the European Challenge Cup.
