Former F1 Owners CVC approach Premiership Rugby with a £275 takeover bid.
Premiership rugby owners will hold a board meeting next week to discuss a possible £ 275m takeover of the league. The executive committee of Premier Rugby Ltd (PRL) has been in negotiations for about a year with CVC Capital Partners,
The former F1 owners; CVC Capital Partners, aims for a share of 51%. The prospective deal proposes a windfall for the 12 Premiership clubs, many of which have recently suffered serious financial losses.
Premiership Rugby chief executive Mark McCaffery commented in May “Financial sustainability is one of things we focus on continually.”
However, CVC's valuation of the league of around £550m, falls short of the clubs' expectations, and there are concerns that a deal of this kind could drive a further wedge between the club game and the Rugby Football Union.
Club sources have pointed out that the approach is one of a handful of options, and nothing is imminent at this stage. Yet the interest is a clear reflection of the leagues’ growing international appeal and could potentially take it to the next level.