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Tony Rowe discusses the impending sale of Exeter Chiefs to new American owners, pending member approval. He emphasizes the need for investment in modern rugby to ensure the club's future success.
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Tony Rowe has not yet had time to ensure Exeterâs proposed new American owners feel fully at home in the west. On a damp morning at Sandy Park no one is wearing a Stetson hat and there is not even a horse tied up outside reception. Maybe that will be part of the handover package assuming the Chiefsâ 700-odd members vote in favour next month of proceeding with the sale of their 155-year-old club.
The winds of change, though, are kicking up the local dust. For the past 33 years Rowe has been integral to one of British team sportâs most romantic Cinderella stories. But romance doesnât pay the bills in modern pro rugby and times are a-changing. At 77 years old, it is easy to understand why Rowe fancies handing over the reins to a smartly dressed stranger from out of town.
The deal has already been done, subject to the membershipâs blessing at an extraordinary general meeting on 7 May. Waiting in the wings is a mega-wealthy multi-sport investor already involved in British football. Letâs just say it makes the good olâ days at the muddy County Ground and promotion to the Premiership in 2010 feel like sepia-tinted snapshots from another age.
Because, argues Rowe, it is time for English club rugby to pursue fresh horizons rather than endlessly looking back in anger. âWeâve got to wake up and smell the coffee,â he says from across the huge table â a bartender could definitely slide a glass of whiskey down it â in Exeterâs boardroom. âIâve effectively run a business for the last 30-odd years for a shareholder whoâs got no money. What Iâm looking forward to is an investor whoâs got some money. Thatâll be a massive difference for me.â
The proposed ownership change is part of an eye-catching trend. Newcastle Red Bulls and Bath have already attracted significant new investment and Rowe wants Exeter to join the modern-day gold rush. âI think it will put us in a really good place to take advantage of the future. Whether you like it or not professional sport is all about money. We need money to survive.â

Immanuel Feyi-Waboso is one of Exeterâs marquee players around whom the new owners will be looking to build a successful team. Photograph: Michael Steele/Getty Images
Which raises multiple questions prior to the Chiefsâ significant home game against Prem leaders Northampton on Saturday. While the Americans are apparently keen to preserve the clubâs identity, they are not going to sit around idly burning dollar bills. Expanding the 10-team Prem will be a priority, suggests Rowe. âTen clubs is not enough. Financially it doesnât work for anybody. Weâve got to get to 12 clubs and, in my view, we should go to 14. I still believe we should approach the Welsh. I think it would pump life into Welsh rugby and we need the games financially.
The extraordinary general meeting for the ownership vote is scheduled for May 7.
The proposed new owner is a mega-wealthy multi-sport investor already involved in British football.
Tony Rowe has been integral to Exeter Chiefs for the past 33 years.
Exeter Chiefs are following a trend of significant new investments in clubs like Newcastle Red Bulls and Bath.

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âThereâs talk about bringing two new English clubs into an expanded league in 2029-30 and personally Iâd like to see two Welsh clubs as well. Welsh rugby is on its arse, isnât it? I donât think they can afford three pro clubs ... I think they can only really afford two. Thereâs a lot of politics in Welsh rugby but what if Swansea and Cardiff joined an expanded Prem? It happens in cricket. Why not in rugby? From a logistical point of view I donât think any of the 10 Prem clubs would find it a struggle to drive to Wales for a weekend game.â
If it came to pass, believes Rowe, the future can be brighter for all concerned. âAll the stars are aligned to transform English rugby beyond where it is today. Itâs really come on in the last few years but weâve got to move it on financially. Covid and the mini-recession afterwards cost us ÂŁ25m and weâve still not fully recovered.â Among other things he blames the previous government and the Rugby Football Union for not helping more. âThe 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.
âEvery single Prem chairman would tell you Covid cost them in excess of ÂŁ20m each. Without the chairmen and owners you wouldnât have an English Premiership and you wouldnât have an England. Most of my money Iâve put in here to keep the club alive. Do you want to buy a hotel? I sold my business three years ago and I canât put any more money in. Itâs not fair on my family. The time has come where weâve got to be very sensible about our futures.â

Tony Rowe believes the new American owners will add some extra, and much-needed, ârazzmatazzâ to the sport. Photograph: Leila Coker/Getty Images
Complicating things, believes Rowe, is the ÂŁ200m deal signed in late 2018 which granted the private equity firm CVC Capital Partners 27% of its commercial rights. âWe should never have sold the shares to CVC. Theyâre muttering that theyâre going to do something now but are they? They havenât done much for the last six years. Theyâre sitting pretty, arenât they? They get 27% of all our commercial income. Happy days. Theyâve had most of their money back already. We shouldnât have done that and I donât think weâve been aggressive enough in the marketplace to get the sponsorship we need. Weâve got no razzmatazz about our sport.â
Which, of course, is very much an American speciality. How it chimes with the preference of many older Exeter fans for a simple pasty and a pint of Otter will be interesting, but Rowe is equally conscious of the next generation. âOur future supporters are millennials. They see life differently. Theyâre the money that is going to keep it alive and weâve got to make sure weâre taking the game to them.â Sure, but how on earth do you jazz up a pasty? âYou just put chips with it; theyâre about to ban them in schools.â
Boom-boom. Rowe is optimistic, either way, that even the Chiefsâ double-winning year of 2020 can be eclipsed. âThe last 25 years of the club have been the most successful to date and I believe we can step on again. Weâll be telling the members who the investor is and what weâve got on the table from them on 7 May. Itâs exciting times.
âTheyâre a long-term investor and they understand the sport. Theyâve asked me whether Iâll stay and Iâve agreed to do so. They donât muck about and I donât muck about. I think weâre going to step into another era again. Why wouldnât I want to be involved?â
All the more so if the ânewâ Exeter can retain its Devonian heart and soul. âIâve made it very clear to these people that you change those things at your peril,â says Rowe. âThe analogy I use is that weâre all on this bus heading for success. Weâve all the right people on the bus at the moment but weâre 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.â Buckle up, yâall, and enjoy the ride.