How private equity can score in sports

As the Six Nations rugby tournament paused between rounds in late February, a private equity giant was planning its next tactical move on the sport. CVC Capital Partners had announced in December a £200m investment in Premiership Rugby – the main club competition for rugby in England. But CVC’s next move was even more audacious – a reported £500m bid to buy a 30% stake in the 136-year old Six Nations tournament itself.