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The investment vehicle set up to house a string of prominent sports assets is launching a €2.7bn (£2.3bn) debt-raising process aimed at funding its ambitions to become a global powerhouse.
Sky News has learnt that Global Sport Group (GSG), which is owned by CVC Capital Partners and counts a stake in Six Nations Rugby among its holdings, kicked off formal talks with investors on Monday.
The debt deal would provide significant firepower for CVC to acquire other sports properties around the world as it seeks to assemble the globe’s most compelling portfolio of sports-related assets.
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Sources said the debt-raising process, which is being overseen by Goldman Sachs, was being run in parallel with a wider set of discussions involving potential providers of equity capital to GSG.
These latter conversations include blue-chip investors such as Ares Management and Bain Capital, according to sources.
Among the debt funders with which CVC is engaged are HPS, the global private credit giant which is a subsidiary of Blackrock, the world’s biggest asset manager.
GSG also owns interests in the women’s professional tennis tour, Premiership Rugby, the top flights of French and Spanish football, and international volleyball.
Its new war chest is aimed at acquiring a series of other assets in sports with substantial commercial growth prospects.
GSG is chaired by Marc Allera, the former BT Group consumer boss.
The only one of CVC’s sports assets which does not sit inside GSG is a stake in an Indian Premier League cricket franchise.
Alongside Goldman, PJT Partners and Raine Group are advising on the GSG refinancing.
Once completed, the deal is will enable CVC to remain invested in its sports portfolio for longer, while also paving the way for the sale of a minority stake in GSG or a future initial public offering on a major international exchange.
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