Amsterdam – CVC Capital Partners has secured €3.7 billion (approximately $4.29 billion USD) in financing for its Global Sport Group (GSG) division, signaling continued confidence in the business of sports despite a challenging economic climate. The deal, finalized with contributions from Pimco and KKR, values GSG at around €7 billion ($8.11 billion USD), according to reports from the Financial Times.
The financing package underscores CVC’s ambition to consolidate its extensive portfolio of sports investments, which includes stakes in prominent leagues and organizations across Europe and beyond. This move comes as private equity firms increasingly eye the sports sector as a resilient and potentially lucrative investment opportunity. The influx of capital will allow GSG to further support its existing properties and pursue new acquisitions, navigating an increasingly competitive landscape.
Pimco will provide approximately €1.5 billion ($1.74 billion USD) in lending to GSG, while KKR will contribute an estimated €1.4 billion ($1.62 billion USD), largely in the form of preferred equity, utilizing capital from insurer Global Atlantic. KKR has also committed to acquiring a six percent equity stake in GSG for up to €200 million ($231.7 million USD), with CVC retaining the remaining ownership. Other lenders also participated with smaller contributions.
GSG’s Expanding Portfolio and Investment Strategy
Launched in September 2025, GSG serves as the central hub for CVC’s diverse sports holdings. These include significant investments in LaLiga (Spain’s top football league), Ligue 1 (France’s top football league), the Women’s Tennis Association (WTA), Volleyball World, Prem Rugby, the United Rugby Championship (URC), and the Six Nations rugby tournament. CVC has invested an estimated €4.6 billion ($5.33 billion USD) in these assets since 2018, including €2.1 billion in LaLiga and €1.5 billion in the French Professional Football League (LFP), as well as approximately £700 million ($938.5 million USD) across the three rugby union competitions.
The initial attempt to sell a large stake in GSG at a valuation of €9 billion ($10.4 billion USD) reportedly fell through, with potential suitors expressing concerns over the performance of certain assets, particularly the LFP and Prem Rugby. The Financial Times reported that the performance of these leagues contributed to the reluctance of potential investors.
Challenges and Opportunities in European Football
CVC’s 13 percent stake in Ligue 1’s commercial subsidiary remains a point of focus, as the French league has faced challenges related to media rights deals. Failed agreements with Mediapro and DAZN led to the launch of a direct-to-consumer (DTC) streaming service in France. Despite these hurdles, CVC reportedly remains optimistic about the long-term potential of the LFP.
Similarly, Prem Rugby has encountered financial difficulties, with clubs like Worcester Warriors and Wasps declaring bankruptcy following the Covid-19 pandemic. However, new rules eliminating promotion and relegation from the English rugby top-flight are intended to attract further investment and stabilize the league.
Expansion into North America and Future Plans
GSG recently expanded its portfolio with the acquisition of Equine Network, a US-based equestrian property, for a reported $300 million. This move, led by GSG chairman Marc Allera, signals a strategic interest in the North American market. CVC previously held a majority stake in Formula One and now appears to favor minority investments in leagues, tournaments, and organizing bodies, believing that shared expertise and knowledge within GSG will drive commercial opportunities and efficient scaling.
According to the Financial Times, CVC is considering selling another five percent stake in GSG and plans to exit its investment within approximately three years, potentially through an initial public offering (IPO) or a private sale. This move would allow CVC to capitalize on the growth of its sports portfolio and potentially generate significant returns.
The fundraising will provide GSG with the financial flexibility to support its existing properties and pursue new deals, positioning it to compete effectively in a market attracting increasing interest from private equity firms like Apollo and Ares Management. The resilience of the sports industry continues to draw investment, and GSG is poised to play a significant role in shaping its future.
As GSG continues to evolve, its strategic focus on diversification and expansion will be key. The coming years will reveal whether its investments in both established European leagues and emerging North American markets will yield the anticipated returns. Investors and industry observers will be closely watching GSG’s next moves as it navigates the dynamic landscape of global sports.
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