CVC’s Global Sport Group to announce deal with Gordon Brown-linked Pimco
CVC Capital Partners’ new sporting arm Global Sport Group is set to announce a deal with Gordon Brown-associated asset management group Pimco.
The deal will see the firm which manages around $2 trillion in assets heavily involved in debt financing, according to Sky News’ Mark Kleinman.
The senior debt financing is set to be worth £2bn and could be finalised as early as this week.
Wall Street giant Pimco’s global advisory board is chaired by former UK Prime Minister Brown, while former US treasury secretary Janet Yellen joins the Scot alongside former White House chief of staff Joshua Bolten, US national security expert Michele Flournoy and former chief economist at the International Monetary Fund Raghuram Rajan.
Global Sport Group was set up to manage CVC Capital Partners’ sporting assets, and its portfolio includes stakes in the Six Nations, Prem Rugby, URC, Volleyball World, LaLiga, the WTA and Ligue 1 media rights.
Global Sport Group next move
A CVC-held stake in Indian Premier League franchise the Gujarat Titans is not part of Global Sport Group, with CVC expected to complete a complete sale of the team having given up control in recent seasons.
It comes after an inaugural sports investment under the Global Sports Group banner, in the form of a $300m deal with Equine Network announced last month.
At the time of the acquisition, CVC partner Gemma Wright said: “CVC’s investment experience in sports spans over twenty years and, while much has changed in that time, sports IP remains a very attractive opportunity in which we continue to see significant potential for further innovation and growth.”
GSG is chaired by former BT executive Marc Allera and last month launched a £2.35 debt refinancing process, and they’re expected to add to their armory of sporting assets this year. Some have suggested CVC could next find themselves more in US sport.