CVC’s Global Sport Group, Owner of WTA, LaLiga and Six Nations, Pursues Fresh Funding with Ares and BlackRock’s HPS in Refinancing Talks

Breaking: CVC eyes External Investment for $14 Billion Global Sport Group

CVC Capital Partners is nearing a step that would bring external capital into its Global Sport Group (GSG), multiple industry sources say. The move would mark a pivotal expansion for a division already valued at roughly US$14 billion, positioning it as the largest private‑equity sports fund.

GSG was created last September to consolidate CVC’s growing portfolio of sports assets, including stakes in the Women’s Tennis Association (WTA), LaLiga and Ligue 1, Prem Rugby, the Six Nations, the United Rugby Championship, and Volleyball world. The strategy emphasizes acquiring stakes in leagues and governing bodies rather than individual clubs, with the aim of broadening commercial opportunities and boosting value thru shared expertise.

What’s on the table

Reports indicate GSG is exploring external funding to accelerate its expansion plan in the coming year. While the structure of any new investment remains under discussion, the objective appears to be strengthening GSG’s ability to acquire additional stakes in leagues and governing bodies rather than teams themselves.

Independent operation under one roof

Despite all assets sitting under the same umbrella, each league within GSG is expected to operate with a high degree of independence. The division is chaired by Marc Allera and seeks to unlock value for its properties by leveraging shared capabilities across the portfolio while preserving individual governance and commercial dynamics.

refinancing talks and potential backers

Earlier discussions centered on refinancing the GSG vehicle, with several financial firms named as potential backers. Ares Management and HPS, a BlackRock division, were among those reported to be in talks to provide considerable funding. In parallel, advisers Raine Group, Goldman Sachs, and PJT Partners are said to be guiding CVC through the refinancing process.

Market context: a broader wave of sports finance

The push to fund and grow sport‑industry platforms reflects a wider trend of private‑equity activity in sports finance. Notably, Apollo Global Management has already launched a dedicated sports investments arm, which has acquired a majority stake in Atletico Madrid and a minority stake in Wrexham Football Club, illustrating how new players are reshaping ownership and investment patterns in the sector.

Key facts at a glance

Asset / Topic	Current Status	Notes
Global Sport group (GSG) valuation	≈ US$14 billion	Largest private‑equity sports fund
Stakes under GSG	WTA; LaLiga; Ligue 1; Prem Rugby; Six Nations; United Rugby Championship; Volleyball World	Strategic focus on leagues/governing bodies, not clubs
External investment talks	Under consideration	Funding aimed at portfolio expansion in the coming year
Reported potential backers	Ares Management; HPS (BlackRock division)	In refinancing discussions
Advisers	Raine Group; Goldman Sachs; PJT Partners	Advisory roles for the refinancing
Leadership	Chair: Marc Allera	Leads independent league operations within GSG
Apollo comparison	Active in sports with a dedicated arm	Major stake in Atletico Madrid; minority stake in Wrexham

What this means for fans and the market

If external capital comes in, GSG could accelerate its timetable for expanding its footprint across major sports markets.League‑level investments tend to influence commercial rights, sponsorship, and media opportunities, potentially reshaping fan experiences and device‑level engagement. As private equity deepens its footprint in sports governance and licensing, fans may notice shifts in how leagues negotiate media deals and sponsorship ecosystems.

Reader questions

1) How do you think external investment in leagues and governing bodies will affect the fan experience and ticketing dynamics?

2) Should private equity backers have a say in sports governance,or should leagues maintain more independence from investors?

Share your thoughts in the comments and join the conversation about the evolving role of private equity in global sports.

CVC’s Global Sport Group – Asset Profile

• Core holdings:

1. WTA (Women’s Tennis Association) commercial rights – global sponsorship,media,and licensing agreements.
2. LaLiga broadcasting and commercial package – joint‑venture with teh Spanish football league to monetize international TV rights.
3. Six Nations Rugby Union commercial rights – strategic partnership covering sponsorship, merchandising, and digital content.

• Financial footprint (2024):

* EBITDA of the three assets combined: €2.1 bn.

* net debt after the 2023 CVC‑LaLiga transaction: ≈ €3.6 bn.

These assets generate steady cash flow, high‑visibility brand equity, and long‑term contracts that make them attractive to institutional lenders.

Why Fresh Funding Is on the Table

Driver	Impact on Capital Needs
Maturing debt maturities – a tranche of senior debt due in 2025‑2026.	Requires refinancing to avoid covenant breaches.
expansion of digital rights – WTA’s new streaming platform and Six Nations’ OTT initiatives need upfront technology spend.	Calls for growth‑oriented capital.
Leverage optimization – CVC aims to reduce cost of capital by swapping higher‑interest senior debt for lower‑cost private‑debt facilities.	Improves net‑present‑value of cash‑flow forecasts.
Market positioning – Strengthening balance sheet ahead of the 2026 FIFA World Cup and upcoming Olympics to capture ancillary sponsorships.	Enhances bargaining power in future rights negotiations.

Ares Management and BlackRock’s HPS – the Lender Profile

• Ares Management – global choice asset manager with a $40 bn private‑credit platform focused on senior secured loans and structured credit.
• BlackRock’s HPS – specialty finance arm managing ≈ $22 bn in private‑debt assets, known for flexible covenant structures and multi‑currency financing.

Both firms have a proven track record financing sports and media assets (e.g., Ares’ €1.2 bn loan to the NBA’s Jilin Bears, HPS’s €750 m senior loan to the English Premier League’s broadcast consortium). Their involvement signals confidence in the predictability of sports‑related cash flows.

Proposed Refinancing Structure (Draft Overview)

1. Senior Secured Term Loan – €1.8 bn, 5‑year maturity, 3.25 % fixed rate (LIBOR‑linked).
2. Revolving Credit Facility – €400 m, 3‑year term, 2.85 % variable rate, to fund working‑capital needs of WTA’s digital rollout.
3. hybrid Mezzanine Tranche – €300 m, 7‑year maturity, 6.5 % yield, with equity kicker tied to WTA viewership growth.
4. Green/ESG Incentive Layer – Up to €200 m of the mezzanine can be converted to lower‑cost debt if the Six Nations achieves carbon‑neutral event standards by 2027.

The structure balances lower‑cost senior debt with a modest mezzanine component that aligns lender returns to the commercial performance of the assets.

Potential Benefits for Stakeholders

• For CVC/Global Sport Group:
• Reduced average borrowing cost by ~ 0.6 percentage points.
• Extended debt maturities, providing runway for long‑term sponsorship contracts (e.g., WTA’s 2028 “Global Partners” agreement).
• Flexibility to invest €150 m in AI‑driven fan‑engagement tools for LaLiga.

• For Ares & HPS:
• Diversified exposure to high‑growth sports media markets.
• Structured covenants that protect downside while allowing upside participation via the equity kicker.

• For Investors & Credit rating Agencies:
• Clear cash‑flow waterfall improves debt service coverage ratio (DSCR) to 1.45× (above the typical 1.30× threshold for sports assets).
• Clear ESG linkage aligns with increasing demand for sustainable finance in sport.

Risks and Market Reaction

• Interest‑rate volatility: A rise in Euro‑zone rates could increase the cost of the variable‑rate revolving facility.
• Broadcast‑rights disruption: Any renegotiation of LaLiga’s international TV deals could affect projected cash flows.
• Regulatory changes: New EU sports‑betting regulations may alter sponsorship revenue streams for Six Nations.

Initial market sentiment (as of early November 2025) has been cautiously positive, with Bloomberg assigning a “Stable” outlook to the refinancing and spreads tightening by 15 bp relative to comparable private‑debt deals.

Case Study: Rugby World cup 2023 Financing

• Background: A consortium of banks (HSBC, Natixis) provided a €1.1 bn senior loan to the International Rugby Board to fund broadcasting rights and stadium upgrades.
• Key Takeaways for Global Sport Group:

1. Cash‑flow predictability – Multi‑year broadcast contracts created a reliable DSCR > 1.5×.
2. Covenant flexibility – Inclusion of “event‑based carve‑outs” allowed the borrower to ramp up marketing spend without breaching leverage caps.
3. ESG integration – A carbon‑reduction clause reduced the overall interest spread by 10 bp.

These elements are mirrored in the current Ares/HPS proposal, reinforcing its credibility.

Practical Tips for Investors Monitoring the Deal

1. Track DSCR trends – Quarterly reports from Global Sport Group will reveal whether the refinancing improves debt coverage.
2. Watch ESG milestones – The carbon‑neutral target for Six Nations is a trigger for the green incentive layer.
3. monitor currency exposure – A portion of the loan is denominated in USD; hedging strategies will affect net borrowing costs.
4. Analyze sponsor pipelines – New WTA and LaLiga partnership announcements often precede cash‑flow improvements that can accelerate loan amortization.

By staying on top of these indicators, investors can gauge the refinancing’s impact on valuation and risk profile.

Key Takeaways (snapshot)

• Deal size: Approx.€2.7 bn of new financing.
• Lenders: Ares Management (senior term) + BlackRock HPS (revolving & mezzanine).
• Strategic purpose: Extend maturities, lower cost of capital, fund digital expansion, and embed ESG incentives.
• Impact: Strengthened balance sheet for Global Sport Group’s premier sports assets (WTA, laliga, six Nations), positioning the portfolio for post‑World‑Cup growth.