«Breaking Pic News» Premiership rugby set for huge windfall with £275m bid from CVC

The rugby Premiership is in talks over a potentially revolutionary deal to sell controlling ownership to a private equity company for £275million.

As it stands, Premier Rugby Ltd (PRL) is owned by the 12 Premiership clubs and London Irish, but they could all be bought out by CVC Capital Partners, the company that owned Formula One between 2006-2016.

The deal, which was revealed by The Times, has been likened to when the football Premier League was formed back in 1992 in terms of changing the face of the game.

The rugby Premiership is in talks over deal to sell controlling ownership to private equity firm

CVC Capital Partners made £8billion from its decade in charge of Formula One – Pictured: (L to R): Donald Mackenzie, CVC Capital Partners Managing Partner, and Toto Wolff of Mercedes

BREAKDOWN

Who are CVC? A private equity firm which has about £53billion in assets 

Who owns PRL? The 12 Premiership rugby clubs plus London Irish 

Can the RFU stop the takeover? No, they don't have any say in ownership rights of the league 

Has CVC been in sport before? Yes, a decade-long period in charge of F1 which yielded £8bn in profits 

What does it mean for the clubs? An initial £17m payout which could clear debt

What could CVC bring? A strong partnership with Sky which could see the broadcaster come in for TV rights 

The owners of the 13 clubs will meet on Tuesday, when CVC will table its bid in full, in order to discuss terms and agree on a valuation. It is believed some club owners value the Premiership higher than the mooted £275m.

It should be noted the RFU, English rugby's governing body, cannot stand in the way of any potential takeover of the league – it can only intervene in deals involving club ownership.

What it will mean for clubs — many of which have struggled financially in recent seasons, losing around £30m as a collective each year — is an extremely appealing initial payday of £17m, effectively allowing them to clear their debts.

Of late, much of the capital coming into the clubs has gone largely to players, which, in turn, has seen a dramatic inflation in player wages. However, it is believed the CVC cash will not be used to further line the pockets of the players and will go into investing in the clubs. 

CVC reportedly pocketed £8billion from its time in control of Formula One, largely due to selling TV rights globally – a ploy which is likely to be used should the Luxembourg-based company strike a deal with PRL.

In addition, CVC's long-standing relationship with Sky, owing to their broadcasting of Formula One, could see them revisit the option of securing TV rights for club rugby.

CVC's relationship with Sky could see them return to negotiating table for club rugby TV rights

Link article

https://hienalouca.com/2018/09/05/premiership-rugby-set-for-huge-windfall-with-275m-bid-from-cvc/
Main photo article The rugby Premiership is in talks over a potentially revolutionary deal to sell controlling ownership to a private equity company for £275million.
As it stands, Premier Rugby Ltd (PRL) is owned by the 12 Premiership clubs and London Irish, but they could all be bought out by CVC Capital ...

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