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Report: Former Formula One owner makes £275M bid for Premiership Rugby

Luxembourg-based private equity firm CVC Capital Partners is hoping to purchase the English rugby union's top division with a £275 million bid that would mark the former Formula One Group owner's re-entry into the sports industry, the Financial Times reported, citing an unnamed source.

The firm is in talks with Premier Rugby Ltd., the holding company of Premiership Rugby, over a possible buyout.

A deal would mark the biggest change to club rugby since the sport went professional in 1995.

The publication could not immediately obtain a comment from CVC regarding the matter.