U.S. Firm General Atlantic Joins Race To Buy Stake In Premiership

U.S. private equity group General Atlantic "joined the race to buy a stake" in Premiership Rugby as the sport’s top clubs "consider rival bids," according to Espinoza & Ahmed of the FINANCIAL TIMES. The 13 clubs that own the top division for English rugby union "have already rejected bids from others," including a £275M ($358.6M) offer for a majority stake placed by CVC, the former owner of Formula 1. The bid, which was confirmed by two people with knowledge of the auction, "came after other groups also expressed interest, including London-based buyout group Cinven." It was "unclear whether General Atlantic’s bid was higher than the already rejected CVC bid" and whether it was for a minority or a majority stake. Premiership Rugby has previously said that it did not favor "ceding full control" but a person close to the situation said that the league "had reviewed all offers recently" and that it "is hoping to move to the next stage in December" (FT, 11/14).