A division of Blackrock, the world’s biggest asset manager, is in talks to provide hundreds of millions of pounds of funding to a company which owns stakes in Six Nations Rugby and the women’s professional tennis tour.

Sky News has learnt that HPS, the global private credit giant, is among the parties negotiating with CVC Capital Partners over the financing of its Global Sports Group (GSG) holding company.

The talks, which are not exclusive, would see HPS help provide firepower for the CVC-backed vehicle to make further acquisitions to expand its portfolio.

Chaired by Marc Allera, the former BT Group consumer boss, GSG holds stakes in Premiership Rugby, the top flights of French and Spanish football and the international volleyball tour.

In recent weeks, Mr Allera has outlined his ambitions to acquire further global sports properties.

HPS, which was acquired by Blackrock for $12bn late last year, is said to be serious about becoming involved in GSG.

Other parties with whom CVC is in discussions include Ares Management, which is interested in providing both debt and equity to GSG, according to insiders.

Any new financing package was expected to be secured on favourable terms for the CVC-controlled group because of the underlying credit quality of the assets in the portfolio.

Sky News revealed during the summer that CVC had engaged a trio of banks to explore plans for a refinancing of what was at the time referred to internally as SportsCo and which has since been renamed Global Sport Group.

The portfolio also includes an Indian Premier League cricket franchise, several of which are currently exploring sales at valuations of well over $1bn.

Goldman Sachs, PJT Partners and Raine Group are advising on the refinancing of GSG, which has been set up to optimise CVC’s investments in the sector.

The deal is expected to allow CVC to remain invested in its sports portfolio for longer, while also paving the way for the sale of a minority stake in SportsCo or a future initial public offering.

Having made billions of dollars from its ownership of Formula One motor racing – one of the most lucrative deals in the history of sport – CVC has bought stakes in leagues and other assets spanning a spectrum of elite sporting assets over the last two decades.

Its investment in the media rights to La Liga – Spain’s equivalent of the Premier League – is expected to generate a handsome return for the firm, although a comparable deal in France has faced significant challenges amid broadcasters’ financial challenges in the country.

CVC’s backing of global sports properties is intended to position it to maximise their commercial potential through new media and sponsorship rights deals, as well as their expansion into new formats aimed at drawing wider audiences amid rapid shifts in media consumption.

In rugby union, its acquisition of a stake in Premiership Rugby’s commercial rights was hit by the pandemic and the subsequent financial pressures on clubs which saw a number of the league’s teams forced into insolvency.

CVC, which bought into Premiership Rugby in 2019, owns a 27% stake in the league.

Its sporting assets will continue to remain autonomous and independent of one another, despite the new umbrella holding entity.

One expected benefit of the SportsCo approach would be the sourcing of new investment opportunities, with CVC being linked to a bid for one of the new European NBA basketball franchises which is expected to be sold in the coming months.

Global sports properties have become one of the hottest growth areas for private capital in recent years, with firms such as Ares, Silver Lake Partners and Bridgepoint all investing substantial sums in teams, leagues and other assets across the industry.

CVC and Blackrock declined to comment.

The UK economy contracted by 0.1% in October, according to official figures.

The surprise fall in gross domestic product (GDP) – a measure of economic output – comes after a similar unexpected 0.1% drop in September and 0% growth in August.

Economists polled by the Reuters news agency had predicted that October GDP would grow by 0.1%.

The figures, from the Office for National Statistics (ONS), represent more bad news for the chancellor over the state of the UK economy.

Commentators had warned that consumer spending was likely to be restrained in the run-up to November’s budget, amid concerns about the impact of Rachel Reeves’s potential measures on households and businesses.

UK GDP has also been hit hard by disruption to car production caused by a cyber attack on Jaguar Land Rover.

The ONS said that during October, the UK’s services sector fell by 0.3%, while construction was down 0.6%. However, production grew by 1.1%.

It found that GDP on a rolling three-month basis, to October, also fell by 0.1%.

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The ONS’s director of economic statistics, Liz McKeown, said: “Within production, there was continued weakness in car manufacturing, with the industry only making a slight recovery in October from the substantial fall in output seen in the previous month.

“Overall services showed no growth in the latest three months, continuing the recent trend of slowing in this sector. There were falls in wholesale and scientific research, offset by growth in rental and leasing and retail.”

Interest rate cut ‘nailed on’

Commentators also blamed rumours and leaks in the run-up to the budget for dampening demand.

Scott Gardner, from banking giant JP Morgan, said that despite expectations of a return to growth, the economy continued to “battle a period of inconsistent productivity”.

He added: “Speculation about potential budget announcements had a numbing effect on consumers and businesses in the lead up to the chancellor’s speech at the end of November.”

Suren Thiru, from the Institute of Chartered Accountants, said the data increased the likelihood of the Bank of England cutting interest rates next week.

He said: “With these downbeat figures likely to further fuel fears among rate-setters over the health of the UK economy, a December policy loosening looks nailed on, particularly given the likely deflationary impact of the budget.”

Figures ‘extremely concerning’

Barret Kupelian, chief economist at PwC, said that while some of the blame could be attributed to the Jaguar Land Rover cyber attack, “the bigger story is that speculation around the autumn budget kept households and businesses in wait-and-see mode”.

He added: “Given the timing of the budget, November’s GDP print is likely to look similarly subdued before any post-budget effects start to show up.”

Sir Mel Stride, the Tory shadow chancellor, described the figures as “extremely concerning”, claiming they were “a direct result of Labour’s economic mismanagement”.

A Treasury spokesperson said: “We are determined to defy the forecasts on growth and create good jobs, so everyone is better off, while also helping us invest in better public services.”

The first-ever Capture case has been delayed at the Court of Appeal as the Post Office asks for an extension to respond, Sky News has learned.

Pat Owen, a former sub postmistress who has since passed away, was convicted of stealing in 1998 based on evidence from computer software.

The system, known as Capture, was used in up to 2,500 branches in the 1990s, before the infamous Horizon system was introduced.

Hundreds of sub-postmasters were wrongfully convicted between 1999 and 2015 as part of the Horizon scandal.

Earlier this year, Sky News unearthed a 1998 report showing the Capture software was also faulty.

That report, commissioned by the solicitors acting for Mrs Owen in 1998, was served on the Post Office and may never have been seen by the jury in her case.

Ms Owen was given a suspended prison sentence and fought to clear her name subsequently – but died in 2003.

Her case was referred by the Criminal Cases Review Commission (CCRC) to the Court of Appeal in October.

The Post Office had until 5 December to respond to papers put forward by Mrs Owen’s defence team but they have now asked for an extension until 30 January.

Ms Owen’s daughter, Juliet Shardlow, described the family’s suffering at the lengthening wait.

“I need to emphasise the profound impact the ongoing delay is having on our family,” she said.

“The continuous uncertainty only compounds our heartache, stress, and anxiety.

“It has become the last thing I think about before I go to sleep and the first thing when I wake up.

“We have waited 27 years for justice, and this additional wait feels never-ending.”

Ms Owen’s case is the first time a conviction based on Capture has reached the Court of Appeal since the scandal was exposed.

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Lawyers have said that if Ms Owen is exonerated posthumously, it may “speed up” the handling of others.

CCRC chair Dame Vera Baird also told Sky News in the summer it could be a “touchstone case” for other victims.

The CCRC is also continuing to investigate around 30 other “pre-Horizon” convictions.

A Post Office spokesperson said: “We have sought an extension of time to fully consider and respond to the CCRC’s Statement of Reasons in Ms Owen’s case.

“We deeply regret the impact our request for further time will have on Ms Owen’s family.

“We have a duty to carefully consider the evidence presented in the Statement of Reasons submitted by the CCRC and do everything we can to fully assist the Court when it considers this conviction.”

Meanwhile, the first-ever redress scheme for victims of the Post Office Capture IT scandal was launched this autumn.

The Capture Redress Scheme will provide payments of up to £300,000, and more in “exceptional” cases, to former postmasters who suffered financial losses.