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The sports vehicle backed by CVC Capital Partners, the former owner of Formula One motor racing, is close to striking a $300m deal to buy a majority stake in Equine Network, a US-based equestrian sports league.
Sky News has learnt that Global Sport Group (GSG), which owns stakes in assets such as women’s professional tennis and Six Nations Rugby, is lining up its first new league investment since the new entity was created.
Sports industry sources said the deal could be struck and announced in the coming days.
Equine Network operates equestrian-based sports competitions ranging from team roping rodeo events to showjumping tournaments, and has benefited from growing spectator and participant interest in the American market.
The business, which has been built over several years by chief executive Tom Winsor, now consists of 40 owned and operated competitions, as well as more than 800 events operated by third parties.
A significant proportion of Equine Network’s competition revenues is understood to be awarded to competitors in prize money, with some tournaments’ prize funds reaching tens of millions of dollars.
GSG’s investment in Equine Network will increase the vehicle’s exposure to the US and bring into its portfolio a profitable and fast-growing league.
One source said the deal would underpin GSG’s model of using its network of sports industry executives to aid investment in technology infrastructure, to expand fan engagement and enhance commercial opportunities in areas such as sponsorship and data services.
The deal will come as CVC-backed GSG prepares to bring in billions of dollars of new debt and equity funding as it seeks to become a global sports powerhouse.
Sky News revealed this month that GSG, which is chaired by the former BT executive Marc Allera, was launching a €2.7bn debt refinancing process alongside talks with third-party investors from the private equity arena.
GSG also owns interests in Premiership Rugby, the top…
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