OFFICIAL: Bill Foley completes £120m takeover of Bournemouth

Bournemouth confirmed on Tuesday that the club has now completed the change of ownership. The 77-year-old Bill Foley officially became the chairman of the club, marking the end of the 11-year-old Demi era.

According to the official statement, the acquisition team composed of American businessmen Bill Foley, Michael B. Jordan and Nullah Sarker bought 100% of Bournemouth from Maxim Demi for 120 million pounds.

The American consortium led by Foley solemnly promised to invest in Bournemouth to upgrade infrastructure including the Dean Stadium, and is committed to consolidating the status of the Cherries in the Premier League.

As the new chairman of Bournemouth, Bill Foley himself delivered his acceptance speech in the form of a written announcement. He said: "I have great respect for the passion and support that the Bournemouth community has shown for the club and believe that a connection with the community is fundamental to any team's success."

"We will move forward with the 'always forward, never backward' approach that has defined all of my endeavors. I am committed to working with the best existing teams and business minds to increase player development opportunities, improving the facilities and even the fan experience puts Bournemouth in the best position possible to succeed."

Subsequently, Foley thanked Maxim Demi , the former owner of Bournemouth: "Without the belief and financial support of Maxim and his family, Bournemouth is very likely to cease to exist. Maxim's support and participation Made the club a top team."

"We would like to thank him for his cooperation throughout the process and commend him for his hard work while owning the club. We wish him the best as he focuses on his other businesses."