Black Knight Football Club
Behind The Strategy (Acquisitions and Japan - Partnership)
2022 William P. Foley, II was frustrated with the MLS after being quoted $500m for a new Vegas Franchise, in an interview with Men in Blazers foley suggested that MLS franchises are over priced and for $500m he can buy several clubs in leagues more valuable than the MLS and have change
BKFC Acquisition Costs
Dec 2022: 100% AFC Bournemouth (England) - £120m (£100m + £20m)
Jan 2023: 40% FC Lorient (France) - £44.5m (£34.5m for 33% than £10m for extra 7%)
Nov 2023: 82% Auckland FC (New Zealand) - £25m ($40m NZD x2 $20m Franchises)
Feb 2024: 25% Hibernian (Scotland) - £6m
June 2025: 62% rising to 70% Moreirense FC (Portugal) - £15.8m (Commitment)
Total: £211.3m
Black Knight Football Club - Ownership
Cannae Holdings Inc (AuM $1.2bn)
Founded in 2017 as a spin-off from Fidelity National Financial (AuM $67.4bn), a title insurance company established by Bill Foley in 1984. HQ, Las Vegas
87% Cannae Holdings (Foley Investment Company)
50.1% Cannae Holdings
49.9% Other Institutional Investors
10% Ryan Sports Ventures (RSV) - Investors in infinite Athlete Chelsea former front of shirt sponsor (as are SilverLake CFG owners)
3% Michael B Jordan
Cannae Holdings Institutional investors include
Vanguard Fiduciary Trust Co.: 9.316% ($10.4 trillion AuM)
BlackRock Advisors LLC: 7.631% ($11.5 trillion AuM)
River Road Asset Management LLC: 7.458% ($9.8 bn AuM)
Newtyn Management LLC: 7.332% ($574 million AuM)
Carronade Capital Management LP: 4.581% ($54 million valuation)
Saba Capital Management LP: 2.925% ($4.4bn AuM)
Nitorum Capital LP: 2.566% ($1.8 bn AuM)
Ryan Sports Ventures
Chicago Bears - minority stake
PENSKE Racing Group - minority stake
Chicago Based Ryan Family, Patrick Ryan is the founder of two major insurance companies (Bloomberg, 2025).
Aon Corporation: Insurance brokerage and consulting firm, AuM $183bn former shirt sponsors of Manchester United 2010-14
Ryan Specialty Group (RSG): Specialty insurance brokers, Annual revenue $2.52bn
Black Knight Football Club Performance since acquisition
AFC Bournemouth - Dec 2022
100% BKFC Cannae Holdings UK
Performance
23/24: 12th Premier League
24/25: 9th Premier League
FC Lorient (France) - Jan 2023
60% Loïc Féry
40% BKFC - Cannae Holdings
Performance
Jan 23 FC Lorient were 10th Ligue 1
23/24 relegated
24/25 Ligue 2 Champions - return to Ligue 1
Hibernian FC - Feb 2024
*60% Bydand Sports LLC (Gordon Family)
*25% BKFC - Cannae Holdings
*8* Multiple shareholders
*7% Hibs Supporters Club
* Cost $6m
Performance
24/25 SPL 3rd Place
Auckland FC - Nov 2023
*82% BKFC - Cannae Holdings
*18% Local New Zealand Investors (Anna Mowbray - Co-founder of Zuru; Ali Williams - Former All Black, Former All Whites Players Group inc Winston Reid)
*Cost $40m = $20m x2 franchise (mens and women’s)
Performance
*24/25 A-League Champions - Inaugural Season
Moreirense FC (Portugal) - June 2025 (verbally agreed Oct 2024)
*62% now will increase to 70% BKFC - Cannae Holdings
*10% Moreirense FC (Club)
*20% Existing Majority Shareholders
Cost: $15.8m capital commitment (£10m for a new stadium, $5.5m Senior team)
BKFC Infrastructure investments
AFC Bournemouth: £32m training facility & £80m Stadium development
Auckland FC: $200m proposed Western Springs stadium & concert venue project
Hibernian: £2m Training and Stadium upgrades
FC Lorient: €41.5m stadium modernisation (majority municipality-funded)
Moreirense FC: £10m stadium development
MCO Strategy - Timeline
2022 paid £120m for AFC Bournemouth, Premier League considered the most lucrative commercial league, that in 2025 generated £147.6m for a 9th place finish, 2025 club now valued north of £400m.
Premier league is continuing to grow recent Deloitte report has the PL accumulative revenues at €7,353bn, Bundesliga €3,797m, La Liga €3,764m, Serie A € 2,904m Ligue 1 €2,551m. The gap will widen by 2030.
In two full seasons Bournemouth have improved their competitiveness on the pitch which improves the image and credibility of owners and club operators.
Hibernian, Scotland, SPL provides similarities with the physical demands, of the PL, based in the UK provides easy access to monitoring progress and keeping players close to family. However not having control restricts influence, hinders player development, and can cause mis alignment. SPL is a Good platform for young players to experience senior football.
Lorient, France, Ligue 1 considered 5th best league in Europe, great touch points to Africa and in attracting European u18s, football is competitive and provides a good stepping stone to the PL as many players have proven in the past / present.
Moreirense, Portugal. Portugal has easy access to South America, specifically Brazil, this corridor being the most active in world transfers and has been for the last 10years. Brazilian and Portuguese players are renown for their technical ability and adaptation to top tier leagues.
Primeira Liga’s Band 2 status makes it easier for established Portuguese players to meet GBE criteria
Conflict
When Hibs appointed David Gray and Malky Mackay, Bill Foley publicly expressed that the board hadn't fully listened to his input - this created a lot of attention and fuelled the negative side of MCOs.
Within days of investing in FC Lorient AFC Bournemouth purchased the clubs best player Dango Ouattara for €27.5m
Communication mis alignment: FC Lorient's majority owner Loïc Féry, Féry insisted that Lorient would not become a "subsidiary" of Bournemouth, Foley's interview with The Athletic revealed that Lorient would "nourish" the Premier League club
Club Partnerships
Clubs can enter emerging markets with minimal complications, whilst clubs can rapidly pivot partnerships to address evolving needs
2025 Kyoto Sanga (Japan) - Youth development, scouting networks.
2025 Orlando City (USA) - Strategic, Executive and Technical
Japan:
The number of Japanese football players in major European leagues has surpassed 100, representing a 90% increase over five years. Japanese player valuations have increased significantly, but despite increasing recognition, Japan remains an undervalued market for European clubs. Research indicates that Japanese players possess the technical and physical ability to compete at the highest European levels.
The Japan Football Association has established an office in Düsseldorf, Germany, to monitor and support Japanese players in European leagues.
The J.League's decision to shift it’s season to August-May to align with European leagues from 2026-27 represents a significant strategic move.
This change aims to improve player transition opportunities and enhance the league's global competitiveness, supported by a ¥10 billion (£53m) fund to assist clubs with the transition
USA:
USA generated $83 billion in sports-related revenue in 2023, proving that Amercian sport has lucrative channels.
MLS has emerged as a preferred destination for young South American players seeking European opportunities
The 2024 MLS roster includes 332 American players and 44 Canadian players, representing 48.5% of the overall MLS player pool.
77 (26 Americans) players have transferred to Europe during the 2024/25, 2023/24 64 (21 Americans) players transferred compared to 38 in 2019/20.
Miguel Almirón's $27m move to Newcastle United in 2019 still holding the record, Jhon Durán ($22 million to Aston Villa), top ten transfers (MLS to Europe) combined = $174m.
MLS has 29 academies,122 affiliated elite academies, plus MLS NEXT Pro, the league's new reserve competition
2.5m youth players play regularly each weekend across USA, 6,000 clubs in state leagues with 1500 sanctioned tournaments.
Negatives to USA Market
The average cost for joining elite under-13 teams ranges from $1,465 to $5,500 annually, not including travel expenses. This cost has contributed to a 4.4% reduction in soccer participation among 6-12yrs in the past three years
70% of children quit organised sports by age 13, U17 boys are experiencing major retention declines
Bill Foley other investments
2016 paid $500m for NHL Vegas Golden Knights, began 2018, won Stanley cup 2023, now valued $1.85bn 2025.
Men in Blazers Network: Foley was part of $15m funding round. Investors included Avenue Sports Fund, Bolt Ventures, RR McReynolds, The Chernin Group, Ryan Sports Ventures, and Wheelhouse
Other company: Foley & Lardner LLP AuM $1,28bn