English Premiership rugby union clubs will meet today (Wednesday) to discuss a new offer from private equity firm CVC Capital Partners for a significant stake in the league.
In September, the Premiership’s board rejected a £275m (€309m/$352m) offer from CVC for a 51-per-cent stake in the competition. Clubs refused to sell a majority stake to CVC and the firm has now returned with an offer for a lower shareholding.
The Times reported that Premier Rugby Ltd has agreed a period of exclusivity with CVC to conclude a deal. This runs until the end of the month.
Other private equity firms have taken an interest in the league since CVC’s bid became public, but The Times reported that PRL has suspended conversations with rival bidders due to its preference for CVC’s proposal. A deal could be signed next month if it is agreed in principle today.
CVC is the former owner of the Formula One motor-racing championship.