CVC Capital Partners is in talks with Ares Management to secure a multibillion-dollar debt package to refinance its £9bn portfolio of sports investments, marking one of the largest private credit deals in the sector, SkyNews reports.

The refinancing, led by CVC’s Global Sport Group (GSG), will consolidate financing across its stakes in major sporting properties including Premiership Rugby, the Six Nations, Spain’s La Liga, France’s Ligue 1, and global volleyball and tennis assets. The deal is also expected to position CVC for a potential sale of a minority stake in GSG or a future listing.

Goldman Sachs, PJT Partners, and Raine Group are advising on the transaction. Sources familiar with the discussions said the financing terms are expected to be favourable due to the credit strength and long-term media revenues of the underlying sports assets.

Ares Management is expected to lead the lending syndicate. The U.S. investment firm has become one of the most active players in sports financing, recently closing $1bn for its second institutional sports fund. Ares was also a key investor in SailGP and the sale of McLaren Racing, and has previously backed Crystal Palace Football Club.

Marc Allera, former CEO of EE, has been appointed as chairman of CVC’s Global Sport Group, which was created to manage and scale the firm’s growing sports holdings.

CVC’s investments span elite leagues and media rights across Europe and Asia. The firm generated billions from its sale of Formula One and continues to invest in sports properties with strong commercial potential. Its 27% stake in Premiership Rugby, acquired in 2019, has faced financial headwinds following the pandemic, but the broader portfolio has rebounded amid rising global demand for sports content and sponsorships.

The refinancing will give CVC greater flexibility to hold and expand its sports assets longer term, with the firm also linked to interest in acquiring a future European NBA franchise.

Neither CVC nor Ares commented on the ongoing discussions.

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