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		</div><p>The Six Nations’ deal to sell a 14.3 per cent stake to private equity firm CVC Capital Partners has been hailed as a catalyst for growth in the game.</p>
<p>The five-year agreement with Six Nations Rugby Ltd, subject to regulatory approval and thought to be worth around £365million (€425 million), sees CVC increase its investment in rugby union after previous deals with the Gallagher Premiership and Guinness PRO14.</p>
<p>Organisers say the deal, which includes the autumn internationals, will generate investment in long-term projects to provide lasting benefits for the game.</p>
<p>Wales Rugby Union chief executive Steve Phillips said: “This is a pivotal moment in the history of the international game in Wales. Ultimately, this deal will be a catalyst for the growth of our game.</p>
<p>“It will directly improve the international tournaments we participate in, further engaging new and existing fans alike.</p>
<p>“Increased interest drives other opportunities both on and off the field. Indirectly the investment will in turn provide the foundations on which the whole game can flourish.”</p>
<p>The unions of England, France, Ireland, Italy, Scotland and Wales will still have a 85.7 per cent stake between them and retain sole responsibility for all sporting matters as well as the majority control of commercial decisions.</p>
<p>Ben Morel, chief executive of Six Nations Rugby, said: “This is a hugely positive development and I want to express my thanks to all parties involved.</p>
<p>“This external investment is an important validation of what Six Nations Rugby has achieved to date and is a key next step as we invest to grow the game on the world stage.</p>
<p>RFU chief executive Bill Sweeney says he anticipates a windfall of around £95m over the next five years which will allow the RFU to invest in the game and help offset a loss of £30-50m in the current financial year due to the coronavirus pandemic.</p>
<p>He said: “The RFU has benefited from the Government’s business rates holiday and the furlough scheme however we will not be the direct beneficiary of Government loans or grants – these will flow through us to the community game.</p>
<p>“We have undertaken significant restructuring to reduce our cost base. Despite this with 85 per cent of our revenue coming from hosting international matches at Twickenham, revenues have reduced by around £140m in the last year and we expect a loss of around £30-35m this financial year.</p>
<p>“Subject to the conclusion of the deal, our CVC capital investment priorities will be asset development in the community game and England Rugby activity.</p>
<p>“This could for example include club, ground and stadium development, data and digital investment and opportunities to further grow the women’s game.</p>
<p>“As a result of significant revenue losses, we will also apportion some CVC capital in the short term to pay down debt and rebuild reserves.”</p>
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