Premiership Rugby expected to finalise CVC deal before Christmas

The Gallagher Premiership Rugby trophy at the 2018-19 Season Launch at Twickenham -- Aug. 23, 2018. David Rogers/Getty Images for Gallagher

Premiership Rugby are set to finalise a £200 million-plus deal with CVC Capital Partners before Christmas, according to reports on Tuesday.

The 13 members of Premiership Rugby, comprising of the 12 top-flight clubs and London Irish, are close to agreeing to the deal, which would sell a 30 percent share of the business to the financial equity firm.

CVC, who are the former owners of Formula One, would take charge of the league's commercial arm, aiming to drive its global development. The partnership would also provide a much-needed financial boost to the clubs, many of whom have suffered heavy losses in recent years.

Premiership Rugby chief executive Mark McCafferty said that although discussions were not straightforward, there were only a few issues to work through before an agreement was completed.

"It is a question of time rather than principle and we would like to resolve this before Christmas," McCafferty was quoted as saying by the Guardian.

"Nothing is done until it's done and it will not drag on. If we get there, it will be a landmark moment that will allow clubs to make the next wave of investment on grounds and fan experience."

The Luxembourg-based company had a previous £275m offer for a 50 percent share rejected in September.