CVC kicks off refinancing plan for £9bn portfolio of sports assets
Sky News has learnt that CVC Capital Partners has hired Goldman Sachs, PJT Partners and Raine Group to advise on a deal involving SportsCo, a new entity established to optimise the buyout giant's investments in the sector.
City sources said this weekend that the refinancing was likely to involve raising new debt against one of the largest private equity-owned sports portfolios in the world.
CVC also owns stakes in international volleyball, the women's professional tennis tour and Indian Premier League cricket.
Sources said the refinancing would enable CVC to remain invested in its sports portfolio for longer, while also paving the way for the sale of a minority stake in SportsCo or a future initial public offering.
Last month, Sky News revealed that Marc Allera, the former boss of mobile phone network EE, had been recruited as chairman of SportsCo.
The creation of SportsCo is aimed at providing more cohesive support to CVC's investments across the sector.
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.
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 last month 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.
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.
SportsCo could be used as an acquisition vehicle for future CVC deals in the industry.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
19 minutes ago
- The Independent
Tour de France 2025 live: Stage 15 route and updates with breakaway specialists and sprinters set to do battle
The second week of the Tour de France concludes with a hilly, lumpy stage as the race travels away from the Pyrenees and sets up an Alpine showdown in the final, decisive week. Tadej Pogacar takes a commanding lead of almost four and a half minutes over Jonas Vingegaard into today's hilly stage 15 after eking out a few more seconds on the finish line, after Thymen Arensman took the victory on stage 14 for Ineos with a long solo attack. The route features three categorised climbs on a 169km run from Muret to the medieval city of Carcassonne, and those categorised climbs could put paid to the chances of any sprinters desperate for something to cheer about after a grim sojourn in the Pyrenees. The breakaway specialists likewise will have their eyes on the prize on the flat city-centre finish - but can they hold off the sprinter trains? Stage 15 preview Today's stage is a 169km run from Muret to Carcassonne covering some bumpy terrain, so this will be a real test of recovery after the previous three days. There are three categorised climbs to get over in a lumpy middle of the stage: the cat-three Cote de Saint-Ferreol, the cat-three Cote de Soreze, and the cat-two Pas de Sant. Saint-Ferreol sets the tone, short but sharp at 7% for 1.7km kilometres. The Soreze is longer at 6.2km, averaging 5.5%, but it's the Pas de Sant that might spell doom for the sprinters: 2.9km at an average of 10.2%. And there's plenty more uncategorised climbing too - including the late climb up the Col de Fontbruno, which isn't marked but follows immediately on from the categorised Pas du Sant. It sees the riders climb to 880m above sea level, before a long, broken-up, 40km into Carcassonne and a flat finish. If the sprinters' teams have their lead-out trains organised they could gather up any stragglers and make a late chase on that final descent and flat approach - but the likes of Mathieu van der Poel could foil them, with attacks likely to come all day and especially on the last categorised climb. Either way it should make for a fascinating day of racing. Flo Clifford20 July 2025 11:04 Good morning Bonjour and welcome to The Independent's live coverage of stage 15 of the Tour de France! After a trio of exciting stages in the Pyrenees, the GC favourites get a bit of respite - and the sprinters will hope for glory in Carcassonne. Flo Clifford20 July 2025 11:00
Auto Express
19 minutes ago
- Auto Express
Chinese cars will take over as Britain's best sellers
If you're after an accurate insight into the winners and losers doing battle in Britain's new-car showrooms in 2025, look no further than the industry figures covering the period from 1 January to 30 June. They've just been released and, to my mind, reveal crucially important buying trends that indicate the new direction of travel among paying customers in the UK. Like never before, buyers appear to be deserting some traditional brands and countries, and gravitating towards alternative car makers and vehicle-producing nations. Advertisement - Article continues below Italy is one victim of the shift. Fiat, Abarth and Maserati sales are, respectively, down 24, 55 and 38 per cent so far in 2025. True, Alfa Romeo is up 50 per cent, but this is from a very low base. Brits are still buying an average of just seven Alfas a day. As for French brands, Citroen is down 41 per cent, DS 64. Peugeot is doing much better, with a 40 per cent rise, Renault is up 16 and Alpine has jumped 49. Sales for South Korea's Genesis, Hyundai and Kia are rising. But for most Japanese firms, they're sliding. Only two of its small brands – Lexus (up nine) and Mazda (up 34) – have improved. Skip advert Advertisement - Article continues below Of the Germans, Audi is down 18 per cent, BMW six and Mercedes seven. But Volkswagen is up 13 and Porsche has improved by five, thereby overtaking volume brands Citroen, Fiat and Suzuki, with Honda and SEAT likely to be passed in the coming months. More importantly as far as Britain and its workers are concerned, the rise and rise of Porsche and its 9,531 sales in the first six months of 2025 compares with just 1,725 for arch-rival Jaguar (down 84 per cent), which hasn't sold a single new car for months. Ineos is down 10, while Land Rover and MINI are up seven and two respectively. Low-volume Bentley (up 12) is now the fastest-growing (in percentage terms) British car firm. Advertisement - Article continues below But the most significant performers in the UK from January to June have been China and its car makers. Dramatic examples include BYD, whose sales are 568 per cent higher than this time last year, thereby enabling it to overtake countless firms from Britain, mainland Europe, South Korea, North America and Japan (Mazda included). Sales for Jaecoo and Omoda have skyrocketed in 2025 from zero to several thousand each. Also just starting from scratch are Leapmotor and XPeng, who are both already selling hundreds of new models, with sales of thousands, then tens of thousands, planned. Skywell has just landed here, too. And in recent days there's been official confirmation that the Geely and Chery brands are also en route to Blighty. The next logical step is for China to take over as the nation that tops the UK's new-car sales chart. With its resources and vehicles at the right retail prices, it's not a case of if Chinese cars collectively take over as the best sellers in Britain. It's when. Did you know you can sell your car through Auto Express ? We'll help you get a great price and find a great deal on a new car, too . Find a car with the experts Renault 5 Monte Carlo Edition pays homage to the Clio Williams Renault 5 Monte Carlo Edition pays homage to the Clio Williams The Renault 5 Monte Carlo Edition has been created by Dutch company Re-volve and is limited to just 25 units New Xiaomi YU7 2025 review: a world-beating new EV to worry the establishment New Xiaomi YU7 2025 review: a world-beating new EV to worry the establishment BMW or Mercedes would do anything to keep the new Xiaomi YU7 from sale in the UK and Europe, and this is why Range Rover's secret mid-size EV: Inside its £500m factory Range Rover's secret mid-size EV: Inside its £500m factory We take an exclusive look inside JLR's revamped Liverpool site as the brand gears up for EV production
BBC News
19 minutes ago
- BBC News
Wawickshire residents urged to support national cycle race
Warwickshire residents are being urged to take to the streets to support a national cycling race returning to the county after a five-year four of the Lloyds Tour of Britain Men will visit the area for a third time on 5 will set off from Atherstone in north Warwickshire and wind their way south, finishing with a 700m (2,296ft) climb to the top of Burton Dassett Hills Country race begins in East Suffolk on Tuesday 2 September. A detailed route map will be published later this month. The race last came to Warwickshire in 2019, with Dutch cyclist Mathieu van der Poel crowned the local stage county council is running a competition for primary school children to design a flag that will start the local leg, and a trophy to be presented to the stage leader George Finch said the race's return was a "fantastic boost" for the county, taking in North Warwickshire, Nuneaton and Bedworth, Rugby, Warwick and Stratford-on-Avon districts."I hope the people of Warwickshire will take to the streets and the hills, as they always have, to give the Tour the support it deserves," he added. Jonathan Day, managing director of British Cycling Events, said Warwickshire had a "long and proud history" of hosting the Tour of has also welcomed the women's race five times in the last decade, and the men's and women's Commonwealth Games road races in August 2022."We are delighted to be returning, especially with such a challenging finale at Burton Dassett Hills Country Park, that will draw spectators from right across the heart of England," Mr Day opening leg of the Tour runs between Woodbridge and Southwold, followed by a second stage at Keynes and Central Bedfordshire will host the third stage on 4 announcements about the host venues of remaining stages between 5-7 will be made in the coming weeks. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.
