Ex-owners of Formula 1 propose £275m takeover of Premiership Rugby

Premiership Rugby are set to meet with representatives who have launched a £275million takeover package of the league.
Negotiations between the league executives and the private equity company at the centre of the buyout, CVC, have already begun, according to The Times.
Based in Luxembourg, CVC come with heavy financial pedigree having yielded £8billion from their ownership of Formula 1 before selling to an American firm in 2016.
A spokesperson for Premiership Rugby explained how a new title sponsor in American company Gallagher as well as recent broadcast deals with China have made the league an attractive proposition globally.
“Premiership Rugby and its clubs have grown quickly in the last five years with the help of major partnerships,” the spokesperson said.
“In that time we have extended our reach in America and become the first club rugby tournament to broadcast live matches in China.
“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. This interest is of course very good news for Premiership Rugby and is a reflection of its growing international appeal.”
Should negotiations progress further Premiership Rugby would need the approval from all 12 clubs currently in the division plus London Irish, with club owners set to be presented with the initial details at a meeting next Tuesday.
The RFU will have no say in the matter.