KKR is in advanced talks to spearhead a roughly €2.75bn, or about $3bn, transaction to acquire a stake in CVC Capital Partners’ Global Sport Group, Sky News reported.

The vehicle owns stakes in major sports properties including Six Nations Rugby, women’s professional tennis, and top-tier football leagues in Spain and France. City sources said KKR has emerged as the leading candidate, although other investors, including Ares Management, remain in the frame.

A debt-only financing alternative has also been explored in recent weeks. Any transaction would bolster Global Sport Group’s capital base and allow CVC to remain invested in its sports portfolio for longer.

CVC has built the platform following the success of its Formula One investment and has continued to expand into premium sports leagues with long-term media and sponsorship revenues. A deal could eventually pave the way for the sale of a minority stake in Global Sport Group or a future IPO.

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