A €330 million deal between CVC Captial Partners and the Six Nations has been halved due to the impact of the coronavirus pandemic.
The deal in which the private equity firm was due to purchase 14.5% shareholding in the annual tournament has been reduced to €165 million, according to the Irish Times.
The 2020 Six Nations was halted during the fourth round, when Ireland were due to host Italy in the Aviva, as the pandemic swept through Europe.
Despite the reduction, negotiations between the two parties are ongoing, with a new deal in the region of €220 million expected in the coming weeks.
Six Nations issued a statement confirming talks were continuing, while eluding to the uncertainty of the current situation, stating:
“Negotiations of this nature are complex. They can take significant time and at this point, are still ongoing.”
An agreement is not to be expected imminently and it would be inaccurate to present it as a formality.
According to the Financial Times, CVC are also seeking the inclusion of coronavirus clauses to ensure any further disruption to the tournament due to Covid-19 will allow them to withhold funds.