Premiership Rugby to Seek External Investment for Closed Franchise League Launching in 2026
Premiership Rugby plans to run a tender for external investment following approval from the Rugby Football Union (RFU) to transition into a closed, relegation-free franchise league. The RFU council is expected to ratify this proposal in February 2026, with the market launch anticipated in the second quarter of 2026.
A review of the Premiership's finances and funding options was conducted by Raine Group and Deloitte. This review came against a backdrop of financial challenges intensified by the COVID-19 pandemic, which severely affected rugby, causing ten Premiership clubs to post combined losses of £34 million in the 2023-24 season. The total debt across the league stands at approximately £340 million. Moreover, notable former clubs including Wasps, London Irish, and Worcester Warriors filed for bankruptcy.
Six years ago, a 27% stake in the Premiership's commercial rights was sold to CVC Capital Partners for around £200 million. CVC is currently considering extending its investment and has formed the Global Sports Group (GSG) to manage its sporting investments. Siya Kolisi has been appointed to GSG's athlete advisory board.
In terms of broadcasting, Premiership Rugby has secured a new five-year television deal with TNT Sports valued at £200 million. TNT Sports has reported a 35% increase in audience numbers during the first six rounds of the current season.
Looking ahead, Premiership Rugby plans to centralise commercial operations across clubs and may expand the top flight to 12 clubs through a licensing system instead of automatic promotion. The existing ten shareholder clubs are united in support of the franchise model concept.
