Premiership 'considering options' amid report of £275m CVC bid
Premiership Rugby responded to media reports of a potential takeover by financial equity firm CVC on Wednesday by saying they were considering various options for growth but no decision was imminent.
The Times reported that CVC, previously the commercial rights holders for Formula One, planned to transform the league with a bid of some 275 million pounds ($352.41 million) for a controlling stake. The newspaper said the executive committee of Premier Rugby Ltd (PRL) had been in negotiations for about a year with Luxembourg-based CVC Capital Partners.
CVC, who could not be immediately reached for comment, sold their interest in Formula One to U.S.-based Liberty Media in 2017.
Premiership Rugby said major partnerships had helped the tournament grow rapidly in the last five years.
"The Board is always considering options for further expansion and the best ways to support that. Inevitably this will attract interest but a decision is not imminent," said a spokesperson.
"This interest is of course very good news for Premiership Rugby and is a reflection of its growing international appeal."
Premiership Rugby is owned by 13 member clubs, many of whom have suffered heavy financial losses, comprising the 12 in the top division plus London Irish.