“Always advance, never retreat.”

The words of Bill Foley, the new Chairman of AFC Bournemouth.

A partnership – Black Knight Football Club – led by the American businessman and philanthropist has completed its takeover of the club after former owner, Maxim Demin, sold his 100 per cent stake.

The deal has been ratified by the Premier League.

Mr Foley, 77, is estimated by Forbes to be worth more than $1.1 billion.

He has an extensive background in sports including Founder and Owner of the National Hockey League’s Vegas Golden Knights, the first major league sports team in Las Vegas.

Award-winning actor, director and producer Michael B. Jordan and Nullah Sarker (The Players Tribune, Davis Cup) are also in the AFC Bournemouth partnership.

Mr Foley, who has bought a home in the area, said: “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.

“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.”

In a statement to the club’s supporters, he added: “Although the paperwork shows a transfer of ownership to our group, I know that any successful sports organisation is held in trust for its community.

“We have accomplished that in Las Vegas, where the National Hockey League’s Golden Knights, in just six years, have developed a rich and unbreakable connection with our fans.

“Our role, then, is to provide the support and investment needed to make our club – yours and mine – the best it can be on and off the pitch.

“We are committed to doing that with an eye toward sustained, long-term success.

“Already, we have identified several areas we will be focusing on: facilities, player development, player recruitment, supporter experience and grow the game initiatives.

“These investments will stretch years into the future, aimed at maintaining and improving our position in the Premier League, as well as expanding participation at all levels of the game in our local region.”

Maxim Denim said: “In the summer of 2020, following our relegation from the Premier League, I pledged my commitment to taking AFC Bournemouth back to the highest level.

“I am delighted that we managed to do that just two years later.

“Now, with the right foundations in place for the club to re-establish itself in the place where it belongs, the time is right for me to step away and allow new owners to lead the club into an exciting new era.

“I was fully aware of Bill Foley’s intentions for the club from the outset and I am very confident that its future is in safe hands.”

• afcb.co.uk