The Guinness Pro14 has confirmed it will go into partnership with company CVC Capital Partners.
RTE Sport report that the Pro14 have agreed a 28% stake with the private equity and investment advisory group. It follows after CVC acquired a 27% stake in the English Rugby Premiership. CEO of the IRFU, Philip Browne said he was delighted with the announcement. He said the deal will be worth over €33 million to the IRFU, with a payment of €5.5 million euro expected today.
However, in worrying news, Browne revealed that the IRFU are facing losses of between €15 and €20 million if the remaining Six Nations games and November Internationals don’t go ahead. He stated, “The announcement of CVC’s investment in the Guinness Pro14 League is very positive news, not just for the financial benefits it brings, but, almost as importantly at this time, for the confidence it shows in the Pro14 tournament and the game of rugby in general.”
The PRO 14 also released a statement confirming the news they had sold a 28% to CVC. They said,” The partnership commitment will allow both Pro14 Rugby and the Irish, Italian, Scottish and Welsh rugby unions to continue to invest in the sport, both professional and amateur, to achieve its potential over the long term”.
They stated that a portion of the investment will be held at Pro14 rugby, while some will also be kept for the business and updating league operations. Furthermore, they said, As part of this agreement, the Federazione Italiana Rugby (FIR), will also become a member of Celtic Rugby DAC, and receive a share of the investment.
Finally IRFU have stated they hope to resume action towards the end of August. It is hoped that there will be a series of provincial derbies within each of the five countries. The league hopes to resume on 23rd and 24th of August. However, it is also hoped that the new season will also begin in October. Of course all of these dates will have to be approved by government and the department of health.