(Football news) The Las Vegas-based businessman Bill Foley will replace current Bournemouth owner Maxim Demin to become the latest American investor to invest in English football after the takeover was finally approved by the Premier League following a stringent background check of the owners and directors. Bournemouth have confirmed the completion of their takeover by Bill Foley and their partnership with Black Knight FC. The deal is worth in excess of £100m as it consists of a team of award winning actors and directors.

Black Knight Football Club, of which Foley is the managing partner, has purchased 100 percent stake from previous owner Demin. Foley will take over the role of chairman when the Cherries’ face Crystal Palace on December 31. Foley is also the owner of the American ice hockey team Vegas Golden Knights as The 77-year-old, whose business is based in Las Vegas, made his money in the insurance industry before buying a National Hockey League team in the form of Vegas Golden Knights. The American has a reported net worth of £1.2bn, he also owns a winery and several restaurants also.

The ownership group is going to be led by award-winning actor and producer Michael B Jordan and Nullah Sarker. Bournemouth is going to be Jordan’s first major steps into professional sports ownership, as he and Sarker will work closely with Foley in areas including global marketing and internationalisation of the club not only in the US but other countries as well. After Foley’s intention to purchase Bournemouth became clear, he flew to the UK back in October to take a tour of the club’s facilities and attend the Cherries’ 2-1 win over Leicester.

Foley already revealed his plans to expand the Vitality Stadium and develop a new training ground on the south coast. With the January transfer window less than three weeks away, Foley is now also expected to give head coach Gary O’Neil money to spend on new signings.

Gary O’Neil was named Bournemouth’s permanent head coach last month after 12 matches in interim charge. O’Neil replaced Scott Parker at the end of August and impressed in his first managerial role. Bournemouth after the sacking have won four, drawn four and lost four as they are 14th in the Premier League, three points above the relegation zone. Demin departs the club after 11 years as Bournemouth’s owner, he saw the club’s ascension from League One to the Premier League in less than five seasons.

“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 focusses on his other business endeavours.”

Foley is the latest American owner “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 in a statement.

“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.”