Hospitality and leisure M&A tax

Moore Kingston Smith advises Cannae Holdings on Exeter Chiefs Rugby Club acquisition

09 July 2026

Moore Kingston Smith has advised Cannae Holdings, Inc. (NYSE: CNNE) on its acquisition of 100% of the shares in Exeter Rugby Group, owner of Exeter Chiefs Rugby Club, one of the leading professional rugby union clubs in the UK and Europe.

The transaction supports Cannae’s strategy of expanding its portfolio of premium sports and entertainment assets, complementing its existing investments in football clubs including AFC Bournemouth in England, FC Lorient in France and Moreirense FC in northern Portugal.

The acquisition was completed through Cannae’s newly formed subsidiary, Black Knight Rugby. The investment provides both balance sheet strength and growth capital to support the club’s continued development on and off the pitch.

Cannae Holdings, a Las Vegas-based investment management firm, focuses on long-term ownership and takes an active role in the management and operations of its portfolio companies to maximise value for both the businesses and their shareholders.

Exeter Rugby Club, better known as Exeter Chiefs and including the women’s team, is an English professional rugby union club based in Exeter, Devon. Founded in 1871, the men’s team competes in the Gallagher Premiership and has won two Premiership Rugby titles and one Investec Champions Cup, reaching six consecutive finals during a highly successful period. The women’s team competes in Premiership Women’s Rugby and won the Allianz Cup in both the 2021/22 and 2022/23 seasons.

Exeter Chiefs brings together a rich sporting heritage, a loyal supporter base, and ownership of Sandy Park, a 15,000-capacity stadium and one of the South West’s leading conference and events venues.

This cross-border transaction involved the acquisition of a high-profile sports business and completed at the end of the traditional rugby season.

Moore Kingston Smith’s M&A Tax team, led by Director Tom Acland and supported by Senior Manager Sam Talbot, provided comprehensive tax due diligence services throughout the transaction. Working closely with the buyer and the wider advisory team, they delivered clear, pragmatic advice focused on achieving the best commercial outcome, enabling the transaction to complete efficiently and with confidence.

The acquisition completed successfully, giving Cannae ownership of one of England’s most successful professional rugby clubs. Exeter Chiefs enters this new chapter with strong competitive momentum, having finished runners-up in the 2025/26 Premiership Rugby season and secured qualification for the 2026/27 Investec Champions Cup.

Tom Acland, M&A Tax Director at Moore Kingston Smith, concluded:
“It was a pleasure to support Cannae on such an exciting transaction. Exeter Chiefs is a highly respected club with a strong heritage, loyal supporter base and significant growth potential. We look forward to seeing the club continue to thrive under its new ownership and to supporting clients on future transactions across the sports sector.”