Former EE chief Allera joins team at CVC sports empire
The former boss of mobile phone network EE is taking on a powerful new role at the heart of a sports portfolio which includes interests in Six Nations Rugby, Spanish top-flight football and the women's global tennis tour.
Sky News has learnt that Marc Allera, who stepped down as the boss of BT Group's consumer business earlier this year, has been appointed chairman of CVC SportsCo, a new entity aimed at providing more cohesive support to the buyout firm CVC Capital Partners' investments across the sector.
The establishment of the new operating and investment group concept comes as CVC, the Amsterdam-listed private equity group, continues to diversify its sporting asset base.
Having made billions of dollars from its ownership of Formula One motor racing - one of the most lucrative deals in the history of sport - CVC has bought stakes in leagues and other assets spanning cricket, football, rugby union, tennis and volleyball over the last two decades.
Its investment in the media rights to La Liga - Spain's equivalent of the Premier League - is expected to generate a handsome return for the firm, although a comparable deal in France has faced significant challenges amid broadcasters' financial challenges in the country.
CVC's backing of global sports properties is intended to position it to maximise their commercial potential through new media and sponsorship rights deals, as well as their expansion into new formats aimed at drawing wider audiences amid rapid shifts in media consumption.
In rugby union, its acquisition of a stake in Premiership Rugby's commercial rights was hit by the pandemic and the subsequent financial pressures on clubs which saw a number of the league's teams forced into insolvency.
Sky News revealed earlier this year that CVC had extended further support to Newcastle Falcons as part of a broader financial package aimed at paving the way for the team's sale.
Red Bull is reported to be the acquirer of Newcastle Falcons, with a deal expected imminently.
CVC, which bought into Premiership Rugby in 2019, owns a 27% stake in the league.
Under its stewardship, broadcast audiences and attendances have turned a corner, with total TV audiences up 40% this year - partly as a result of an increase in the number of games being shown.
It recently agreed a more lucrative TV rights deal for the league.
Sponsorship revenues are also said to have nearly doubled since CVC's initial investment, with fan interest among the crucial 18-34 age demographic rising by 30% during the last year.
Its SportsCo strategy will see Mr Allera, who also chaired BT Sport, working across the CVC sports portfolio, with other executives expected to be recruited to assist the effort in due course.
One source likened the initiative to the approach employed by the luxury goods conglomerate LVMH.
They added that there would be parallels with the sharing of best practice used at US basketball's NBA through its TeamBusinessOperations (TeamBO) unit to unlock collective opportunities and drive further long-term growth projects.
CVC's sporting assets will continue to remain autonomous and independent of one another, the source said.
One expected benefit of the SportsCo approach would be the sourcing of new investment opportunities in future years, with another likely to mean CVC remaining a stakeholder in its existing portfolio for a longer duration.
The firm was recently outbid in an auction of major tennis tournaments by Ari Emanuel, the Endeavor founder whose company was also the seller of the assets.
Global sports properties have become one of the hottest growth areas for private capital in recent years, with firms such as Ares Management, Silver Lake Partners and Bridgepoint all investing substantial sums in teams, leagues and other assets across the industry.
Mr Allera already has connections to CVC as chairman of JagEx, the mobile gaming business it bought last year, and as a broader adviser to the private equity firm.
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