American billionaire Bill Foley's takeover of Bournemouth has moved closer.

In a letter published to shareholders following the report of quarterly earnings for Q3 of 2022, his company Cannae Holdings announced that Foley had led a partnership that will "hold complete ownership of the Bournemouth club".

Cannae's "ultimate commitment" will be approximately $126million (around £110m), owning 50.1 per cent of the partnership.

It has not be announced who owns the remaining 49.9 per cent, or whether there are more members of the partnership.

The letter to shareholders read: "Subsequent to quarter-end, a partnership led by William P. Foley, II and which includes Cannae, agreed to acquire ownership of the English Premier League football club A.F.C. (sic) Bournemouth.

"The partnership will hold complete ownership of the Bournemouth club and intends to invest additional capital in other football assets.

"Cannae's ultimate commitment to the partnership will be approximately $126million as a 50.1 per cent limited partner.

"The transaction is subject to receiving approvals from the English Football Association, the English Premier League, and other customary approvals, and is expected to close in the fourth quarter of 2022."