Russian businessman Maxim Demin has sold shares of English football club Bournemouth. 50.1% of the club’s shares are now owned by the American company Cannae Holdings Inc, headed by President Bill Foley. The deal has been ratified by the English Premier League.

Bill Foley, who is also the founder and owner of the Vegas Golden Knights hockey club, intends to invest in the development of the club. It is planned to increase investments in the first team, the academy and improve conditions for fans, as well as the construction of a training center and financing of the women’s team. The new president also thanked Maxim Demin for his work at the club.

“Without the faith and financial support of Maxim and his family, Bournemouth could well have ceased to exist. Maxim’s support and participation allowed the club to establish itself as a team of the highest level. We would like to thank him for his cooperation throughout the process and praise his hard work during the club’s board. We wish him all the best in his other business endeavors,” Foley said on the club’s official website.