The Federation Internationale de Volleyball (FIVB) launched a new $ 300 million (£ 220 million / € 250 million) initiative, Volleyball World, designed to drive growth and investment around the world.
FIVB is working in partnership with CVC Capital Partners Fund VII, which has invested and worked in many other sports including Formula 1, Moto GP and Rugby Union.
A statement from FIVB said that the new partnership with the Luxembourg-based company would “promote innovation, development and investment in volleyball worldwide”.
He said: “Volleyball is the fourth most popular sport in the world, with over 800 million fans and high participation, in lucrative markets such as Italy, Brazil, Japan, Poland, China and the United States.
“Volleyball was the most watched sport at the Rio 2016 Olympic Games, with 2.6 billion viewers worldwide.
“Volleyball World will become the commercial unit of the sport worldwide, initially with the objective of working closely with FIVB and later with other leagues and associations, to raise the profile and popularity of the sport through investment for the benefit of fans. Se. Players and national associations.
“The World Volleyball will be responsible for the commercial operation of the main international volleyball and beach volleyball events, including the World Championships, Olympic qualifiers and the Volleyball League of Nations.
“The partnership will focus on host events, fan experiences, media, data / digital opportunities and sponsorship to increase business revenue to reinvest, ensuring the long-term success of the game.”
The FIVB, with its 222 national associations, promises to remain the only global regulation body in volleyball responsible for the sport and its development.
As a majority shareholder in the volleyball world, FIVB will oversee the new business vision for volleyball and, at the same time, ensure that the interests of all stakeholders are represented.
Arya Graeka, President of FIVB commented: “We are very pleased to partner with CVC to launch World Volleyball.
“FIVB is committed to constantly innovating in search of opportunities that can support the development of sports worldwide.
“At CVC we trust that we have found a partner with experience, network and capital to support FIVB in its mission to make the sport more professional for the benefit of fans, players and national associations.
“Volleyball World will boost the financial development of our sport and create a lasting legacy for the entire sport. Working in partnership with CVC, we can guarantee the future of volleyball and become stronger with today’s challenges. “
The CVC has offices in 22 countries across Europe, Asia and the Americas, which FIVB believes will help accelerate the development of volleyball trade and investment in sports at all levels.
The CEO of Volleyball World, overseeing significant geographic growth and expansion, will be Fin Taylor, former director of the global tourism business of Cirque du Soil.
The President of the Council will be FIVB Lima, former General Secretary of the FIVB.
Other board members include Fabio Azivedo, current CEO of FIVB and Simon Denier, founder and former CEO of DAZN Group.
Last year, the CVC expanded its presence in the Rugby Union, concluding its agreement for a 28 percent participation in the provincial competition Pro14 and is expected to finalize its investment in the national team tournament of six countries soon.
In addition, CVC is part of a consortium aiming to acquire a 10 percent stake in a new media rights company, establishing the highest-grade Serie A in Italian football.
Nick Cleary, director of sports, media and entertainment, director of CVC Capital Partners, said: “Volleyball is one of the most popular sports in the world and has a huge fan base and untapped commercial potential.”
“FIVB and CVC are working together in the world of volleyball, will spur innovation and increase fan participation, accelerate growth and allow for substantial reinforcement in sports.
“We are very pleased with the partnership with FIVB and look forward to working together to develop the game globally in collaboration with all players, leagues and federations in the coming years.