Premiership Rugby clubs will hold a board meeting today to discuss the potential sale of a minority stake in the league, as they continue to seek new sources of funding.
Last month, the Premiership’s board rejected a £275m (€309m/$358m) offer for a 51 per cent stake from former Formula One owner CVC Capital Partners, opting instead to retain control of the league, but remains on the lookout for fresh investment.
Rothschild, the banking firm which acts as advisor to Premiership Rugby, set a deadline of Friday October 12 for further bids. According to The Times, CVC has submitted a restructured bid which, while not giving them a controlling stake, would see the company acquire the commercial arm of Premiership Rugby.
As well as CVC, up to five other bidders have a ‘serious’ interest in a stake of 20 to 25 per cent.
Tuesday’s board meeting will look to clarify whether the 12 Premiership clubs, plus Championship side London Irish, wish to sell a minority share or secure new funding through other means.