Exeter Chiefs' American Takeover: Tony Rowe on Rugby's New Frontier
Tony Rowe, the visionary chairman who transformed Exeter Chiefs from humble beginnings into a Premiership and European Cup-winning force by 2020, is now steering the club toward a bold American future. On a damp morning at Sandy Park, the absence of Stetsons or tied-up horses belies the seismic shift underway as the Chiefs' 700-odd members prepare to vote on selling their 155-year-old institution to a mega-wealthy US investor.
A New Era for English Rugby
After 33 years at the helm, Rowe, now 77, is ready to pass the reins, arguing that romance alone cannot sustain modern professional rugby. "We've got to wake up and smell the coffee," he declares from the club's boardroom, emphasizing the need for financial muscle. "I've effectively run a business for the last 30-odd years for a shareholder who's got no money. What I'm looking forward to is an investor who's got some money. That'll be a massive difference for me."
This move aligns with a growing trend, following significant investments in clubs like Newcastle Red Bulls and Bath. Rowe sees it as essential for survival, stating, "Whether you like it or not professional sport is all about money. We need money to survive." The deal, subject to member approval at an extraordinary general meeting on 7 May, promises to inject fresh funding and a dose of American razzmatazz into the West Country club.
Expanding the Premiership: A Welsh Vision
Rowe is already looking beyond the takeover, advocating for an expanded Premiership to address financial shortcomings. "Ten clubs is not enough. Financially it doesn't work for anybody," he explains. "We've got to get to 12 clubs and, in my view, we should go to 14."
He proposes incorporating Welsh teams, suggesting Swansea and Cardiff could join by 2029-30. "Welsh rugby is on its arse, isn't it? I don't think they can afford three pro clubs ... I think they can only really afford two," Rowe observes, drawing parallels to cricket's cross-border competitions. "From a logistical point of view I don't think any of the 10 Prem clubs would find it a struggle to drive to Wales for a weekend game."
Financial Challenges and Criticisms
The club's recovery from Covid-19 and a subsequent mini-recession, which cost Exeter £25 million, has been hampered by what Rowe describes as inadequate support. "The government promised us a grant which at the last minute they turned into a loan. And the RFU decided they would only give us 50% of what they were meant to give us," he reveals, noting that every Premiership chairman faced similar £20 million-plus losses.
Rowe also criticizes the 2018 deal with CVC Capital Partners, which acquired 27% of commercial rights for £200 million. "We should never have sold the shares to CVC," he asserts. "They're sitting pretty, aren't they? They get 27% of all our commercial income. Happy days. They've had most of their money back already." He laments a lack of aggression in securing sponsorship, stating, "We've got no razzmatazz about our sport."
Balancing Tradition and Innovation
As the club targets millennial supporters, Rowe acknowledges the need to modernize while preserving its Devonian identity. "Our future supporters are millennials. They see life differently. They're the money that is going to keep it alive and we've got to make sure we're taking the game to them," he says, with a playful nod to adding chips to pasties.
Despite the changes, Rowe remains committed, having agreed to stay on under the new ownership. "They're a long-term investor and they understand the sport," he notes. "I think we're going to step into another era again. Why wouldn't I want to be involved?"
He assures fans that core values will endure, using a bus analogy: "We're all on this bus heading for success. We've all the right people on the bus at the moment but we're going to run out of fuel. What these guys are going to do is fill up the bus with enough fuel to take us on to even greater success." With marquee players like Immanuel Feyi-Waboso poised to lead, Exeter Chiefs are buckling up for a transformative ride into rugby's new frontier.
