CVC Capital Partners Ltd. is close to buying a minority stake in Premiership Rugby for £225 million, with a deal likely to be finalized as early as the week of Dec. 17, the Financial Times reported, citing people with knowledge of the matter.

The private equity firm and the English rugby holding company were reportedly scrambling to get the final sign-off Dec. 17 from three member clubs: Harlequins, Leicester Tigers and Worcester Warriors.

The sources told the publication that the exact terms of the potential deal could include items adjusting the economics and incentives of the transaction over time.

A deal would allow Premiership to maintain control in the league while enabling teams to exit with a windfall, the publication noted.

In November, General Atlantic Service Co. LP reportedly offered to buy a stake in the league. Premiership earlier rejected CVC's initial £275 million bid for a majority stake.

Neither CVC nor Premiership Rugby commented on the matter.