New Exeter investment will take time to have impact

Rob Baxter has been in charge of Exeter since 2009 [Getty Images]

Exeter director of rugby Rob Baxter says any potential new investment in the club could take a number of years to show on the field.

Club members and shareholders have approved a bid for Cannae Holdings' Black Knight Sports and Entertainment - who own Premier League side AFC Bournemouth - to take control of the club.

The American investors will now enter into negotiations with the club and begin carrying out a due diligence process which will not be completed before the end of May.

Should the deal be completed it would be the third major investment in a Prem side this season - Newcastle were bought up by energy drink giant Red Bull in August, while billionaire industrialist Sir James Dyson became co-owner of Bath in March after sinking significant new capital into the champions.

"Some people are going 'oh, there's going to be investment so that means there's immediate change," Baxter told BBC Sport.

"Newcastle will be able to understand, when you get significant investment it actually takes a little while for that to come through, because normally when you need significant investment what's happened is you've under-invested for a few years.

"So getting that back online, like a really well-funded, well-invested in academy, does take a couple of years to start to bring those players through.

"It's a little bit the same in your recruitment process. A recruitment process you really develop the strength in depth, like a Bath have got or like we had in the past - knowing you're going to spend a salary cap for the foreseeable future for a number of seasons.

"Not knowing where your budget is for the next year until later in a season, you can't do that.

"If we had significant investment, I would think the future moving forward over the next three or four years would be fantastically bright for the club, because I know where we can invest to significantly improve things and we look pretty good now."