English Premiership club owners have decided against accepting CVC Capital Partners’ £275-million takeover bid.
According to Sky Sports, most Premiership clubs were in favour of accepting CVC’s offer, but some felt it undervalued the competition.
Premier Rugby Limited rules state that all 13 owners must unanimously agree to any deal that involves the sale of more than 25% of the Premiership. CVC wanted 51%.
A statement from the Premiership said: ‘We had a very positive board discussion and considered a range of alternatives to accelerate investment in the club game.
‘The board was unanimous on how to proceed and agreed that selling a majority stake was not the preferred option.
‘We shall now develop these options further with our advisers and the interested parties ahead of the next board meeting.’