CVC, a world leader in private equity and credit, has made its latest investment in professional sport after a deal worth US$300 million with the International Volleyball Federation (FIVB).
The agreement will lead to the creation of Volleyball World, a new commercial entity which will operate international events such as the FIVB World Championship, qualifiers for the Olympic Games and the Nations League national team tournament.
An official statement said that the FIVB, which will be the majority shareholder in Volleyball World, will remain the ‘sole, global volleyball regulatory body’ responsible for the sport’s development.
“We are delighted to partner with CVC to launch Volleyball World. The FIVB is committed to constantly innovating while searching for opportunities that can sustain the development of the sport around the world. In CVC we are confident we have found a partner with the experience, network and capital to support FIVB in its mission to further professionalise the sport for the benefit of fans, players and National Federations,” said FIVB president Ary Graça in a statement.
“In CVC we are confident we have found a partner with the experience, network and capital to support FIVB in its mission to further professionalise the sport for the benefit of fans, players and national federations. Volleyball World will boost our sport’s financial growth and deliver lasting legacies for the whole game. Working in partnership with CVC we will be able to secure volleyball’s future and emerge stronger from the current challenges,” the statement added.
Significcantly, CVC previously owned the Formula One motorsport series and was the controlling shareholder in the MotoGP motorcycling championship.
Commenting on the deal with the FIVB, Nick Clarry, CVC’s head of sports, media and entertainment, said: “Volleyball is one of the most popular sports in the world and there is a huge untapped fanbase and commercial potential. FIVB and CVC working together at Volleyball World, will drive innovation and greater fan engagement, which will accelerate growth and allow for substantial reinvestment back into the sport.”