. @SportBusiness has announced that CVC Capital Partners is set to increase its interest in European rugby union after agreeing on a deal in principle to acquire a 28% share of PRO14 Rugby from Celtic Rugby DAC.

The agreement with the cross-border league, which is co-owned by the Irish, Scottish, and Welsh Rugby Unions, is said to be worth around $155m. CVC claims that the partnership commitment will allow both PRO14 Rugby and the rugby unions to continue to invest in the sport.

CVC will handle commercialisation of the league. The private equity firm believes the investment will allow the league to work towards its full potential - for the benefit of fans, players, clubs, and unions in these key rugby nations over the years ahead.

The deal builds on CVC's previous investments into rugby, which include a 27% holding in Premiership Rugby, the top tier of English club rugby union. According to the FT, the group is also in talks with World Rugby, as well as the governing bodies of New Zealand and South Africa.

The groups approach to investing within sport marks a radical departure from the traditional buyout model, where deals are financed in part by loading takeover targets with debt, then aiming to sell them on at a profit within three to five years - enter Mike Ashley, Glazers, etc

With COVID-19 striking fear into the owners of sports teams across the planet, particularly those with poor liquidity, there is a huge opportunity for private equity to pounce. So what will this mean to sport?

Firstly, a change in broadcast model. Take CVC as an example. Theres a consideration to bundle TV rights for all its rugby comps globally into a single package. Theyre also exploring streaming deals w/ Amazon or creation of OTT subscription service, similar to proposed Premflix.

Secondly, is the globalisation of the game. Theres been talk of football creating European Super League. PRO14 already follows cross-boarder model. CVC envisages creation of a Club World Cup - @FT describes as "a money-spinning tournament involving the best sides on the planet."