Bill Foley's £150m Bournemouth takeover bid is set to be completed in the next SEVEN days... with Las Vegas businessman set to take charge inside five weeks providing he passes Premier League's ownership tests

Las Vegas businessman Bill Foley’s £150million takeover of Bournemouth is close to completion.

There is now an expectation that the paperwork related to the sale will be completed within the next seven days.

Once the contracts are signed, the proposed takeover will be referred to the Premier League’s owners and directors test.

Bill Foley's £150million takeover bid is set to be completed the course of the next week

Provided all the relevant checks are passed the buyout should be completed in time for the Cherries’ new owners to be situ inside five weeks.

It is understood that current chief executive Neill Blake, who has taken a lead role during the sale process, and technical director Richard Hughes are both expected to stay under the new regime. 

It is understood Foley has been impressed by the duo’s track record of success at the Vitality Stadium.

Sportsmail exclusively revealed on September 16 the Las Vegas businessman was fronting the group to purchase the south-coast club from existing owner Maxim Demin.

Foley is the owner of NHL team the Las Vegas Golden Knights and chairman of Fidelity National Financial, one of the largest insurance companies in the US, and is said to be worth $1.2billion.

Foley has links to Crystal Palace co-owner John Textor, which could be examined by the Premier League before the takeover is ratified.

In June, Foley signed a non-binding letter of intent to invest in Textor’s Eagle Football Holdings LLC via Cannae, pledging to provide credit of up to a maximum amount of €523m in connection with the attempted takeover of Ligue 1 side Lyon.

The Premier League has strict rules on ownership, which Foley would be required to prove he does not breach.

When the deal is completed half the Premier League would have American owners with Arsenal, Aston Villa, Chelsea, Crystal Palace, Fulham, Leeds, Liverpool and Manchester City all having either majority or minority shareholders from the USA.