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Guinness Pro14 has confirmed that it will enter into a partnership with CVC Capital Partners.
RTE Sport report that Pro14 has agreed a 28% stake with the private equity and investment advisory group. It follows that CVC acquired a 27% stake in the English Rugby Premiership. IRFU CEO Philip Browne said he was delighted with the announcement. He said the agreement would be worth more than 33 million euros to the IRFU, with a payment of 5.5 million euros expected today.
However, in worrying news, Browne revealed that the IRFU is facing losses of between € 15 and € 20 million if the other Six Nations games and the November internationals do not progress. He declared: “The announcement of CVC's investment in the Guinness Pro14 League is very positive news, not only for the financial benefits it brings, but, almost as important at this moment, for the confidence it shows in the Pro14 tournament and in the rugby game in general . "
PRO 14 also issued a statement confirming news that they had sold 28% to CVC. They said: "The partnership commitment will allow the Pro14 and Irish, Italian, Scottish and Welsh rugby unions to continue to invest in sport, both professional and amateur, to reach their long-term potential."
They stated that part of the investment will be made in rugby Pro14, while some will also be kept in business and in updating the league's operations. In addition, they said: As part of this agreement, Federazione Italiana Rugby (FIR) will also become a member of the Celtic Rugby DAC and receive a share of the investment.
Finally, the IRFU has stated that it expects to resume actions at the end of August. A number of provincial derbies are expected to exist in each of the five countries. The league hopes to resume on August 23 and 24. However, the new season is also expected to start in October. Of course, all of these dates will have to be approved by the government and the health department.