Foley, through Black Knight Football Club, has purchased the 100% stake of former owner Maxim Demin, with a number of other investors taking a minority stake including Hollywood actor Michael B Jordan.

Demin hands over the reins having bought the club eleven years ago and overseen a meteoric rise from the bottom of League Two to the Premier League in just five years.

Their first stay in the top flight ended in 2020 but with the club now back in the Premier League after only two seasons away, Demin has agreed to sell.

“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 said.

“We will move forward with an ‘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.”

Foley already has a presence in sport in the US, where he is the owner of the Las Vegas Knights Ice Hockey team.