Private Giants CVC Capital Partners has closed a contract with the International Volleyball Federation (FIVB), with responsibility for hosting the sport’s accreditation event for the Olympic Games and beach volleyball World Series.
The deal, worth $ 300m, according to a Sky Newsreport, Volleyball World, a new commercial entity, will launch. The organization operates international events such as the FIVB World Championships, Olympic Games qualifiers and the Nations League national team tournament.
Volleyball World will focus on issues such as event hosting, fan experience, media, opportunities around data and digital, and sponsorship growth, CVC said in a statement.
The chief executive of the new entity is Finn Taylor, a former head of the Cirque du Soleil Global show business. Simon Denyer, until last year DAZN sports streaming membership head of service, and FIVB general director Fabio Azevedo will join the board of the new commercial entity, which will chair FIVB general secretary Fernando Lima.
The company also noted in the press release that the FIVB, which will be the largest shareholder in Volleyball World, will remain the “single global volleyball governing body” with responsibility for the development of the sport.
With 800 million fans worldwide, volleyball is the fourth most popular sport in the world, and has attractive markets in countries such as Italy, Brazil, Japan and China.
“Volleyball World will stimulate the financial growth of our sport and deliver lasting legacies for the entire game. Working in partnership with CVC we will be able to secure the future of volleyball and emerge stronger from the current challenges, ”said FIVB president Ary Graça.
Nick Clarry, CVC’s head of sport, media and entertainment, said: “Volleyball is one of the world’s most popular sports and has great undeveloped and commercial potential. FIVB and CVC will work together at Volleyball World, leading innovation and increased fan engagement, accelerating growth and allowing major reinvestment into the sport once again. “
Professional investors have become increasingly interested in the global sports industry in recent years. In private equity, CVC led the prosecution as the former owner of Formula One and MotoGP.
The London-based buying group recently took over ownership of Premiership Rugby, England’s premier rugby union airline, in 2019. That year, CVC invested in Bruin Sports Capital, which ‘a sports and entertainment company run by Nascar and IMG former chief executive George Pyne.
The company is currently in talks about acquiring a substantial stake in the commercial rights branch of Serie A, Italy’s premier football division.
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