Bill Foley takes over Premier League side Bournemouth

American businessman Bill Foley has completed his takeover of Bournemouth after receiving ratification from the Premier League.

Black Knight Football Club, of which Foley is the managing general partner, has purchased a controlling share in the club after previous owner Maxim Demin opted to sell his 100 per cent stake.

Foley will assume the role of chairman and attend the Cherries' next home match, against Crystal Palace on December 31.

The 77-year-old, who also owns NHL side the Vegas Golden Knights, previously visited Vitality Stadium in October, when Bournemouth came from behind to beat Leicester 2-1.

"I have tremendous respect for the passion and support the Bournemouth community shows for this club and believe that connection to the community is the foundation for success of any sports team," Foley told the club website.

"We will move forward with an â˜always advance, never retreat' approach that has defined all of my endeavours.

"I am committed to work with the best football and business minds available to enhance player development, facilities, and the fan experience to put AFC Bournemouth in the best possible position to succeed."

The deal, reportedly worth £120million, includes a number of limited partners, including a 50.1 per cent interest for Cannae Holdings Inc. and other investors, many of whom have invested in the Golden Knights.

The minority ownership group is led by award-winning actor, director and producer Michael B Jordan â- who starred in Creed and Black Panther â- and Nullah Sarker.

According to Bournemouth's website, Foley is committed to increased investment in the club's first-team squad and academy and will immediately begin construction of a state-of-the-art training centre.

He will also increase financial commitment to the Cherries' women's and girls' teams.

Russian-born British businessman Demin moves on after 11 years as Bournemouth's owner, a period which included the club's ascension from League One to the Premier League in less than five seasons.

The Cherries currently sit 14th in the top flight and have been under the caretaker management of Gary O'Neil since Scott Parker was sacked at the end of August.

"Without the belief and financial backing of Maxim and his family, AFC Bournemouth might well have ceased to exist," added Foley.

"Maxim's support and involvement has allowed the club to establish itself as a top-flight team.

"We'd like to thank him for his co-operation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focuses on his other business endeavours."