The Detail: The problem with the global game of rugby.

New Zealand Rugby has been in discussions with venture capitalists CVC as part of a broader plan to reshape world rugby, according to well-sourced reports out of the UK.

The Financial Times said that CVC, which has previously invested in Formula One, was talking to NZ Rugby, SA Rugby and World Rugby about several plans that would represent the biggest change to the game since it went professional in 1995.

HANNAH PETERS/GETTY IMAGES The Financial Times says both NZ Rugby and SA Rugby are talking to CVC.

World Rugby CEO Brett Gosper confirmed the governing body's involvement, telling the Financial Times: "There's an understanding that CVC are an investor in the sport and a supporter of important member unions of ours. Therefore, it's best that we work together with them where possible rather than be in a situation that we're not in dialogue.

"Private equity is a reality. We are where we are. [World Rugby] has to deal with reality in the most constructive way."

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NZ Rugby has been approached for comment.

CVC is on the brink of an unprecedented investment in the northern hemisphere gane, where it is close to sealing a deal that would see it acquire stakes in the Six Nations and Pro 14 competitions.

It already owns a 27 per cent stake in England's domestic Premiership Rugby.

That would give it reach across both the club and international game in Europe, but it also appears to have global ambitions.

DAVE ROWLAND/GETTY IMAGES World Rugby chairman Sir Bill Beaumont and New Zealand Rugby CEO Mark Robinson have some big decisions to make in the coming years.

The Financial Times reported that it was looking at resuscitating the doomed 'Nations Championship' concept, as well as starting a 'Club World Cup' that could eventually see the Kiwi sides such as the Crusaders playing Leinster or Northampton.

NZ Rugby was a huge supporter of the 'Nations Championship' concept before it fell over last year, and would likely to be keen to listen to any proposal that would swell its coffers.

The All Blacks remain the most recognisable team in world rugby and a commercial juggernaut in Europe.

Despite being deposed as world champions last year, they fill stadia in Europe on the end-of-year tours and generate a huge amount of interest, from which CVC could already benefit from.

GETTY IMAGES CVC is already close to sealing a deal to buy a stake in the Six Nations and November tests.

If CVC completes its deal to buy part of the Six Nations, it will also get a slice of the pooled media rights for the November tests in Europe.

That would kick in from the 2021 season – Stuff understands Sky Sport already has the New Zealand rights to show the All Blacks' end-of-year tour this year – and mean that CVC could push to auction those rights off to a global streaming giant or existing pay-TV operator.

The same rationale would apply to the southern hemisphere competitions such as Super Rugby or the Rugby Championship if CVC were to invest here, but clearly the big fish is developing a product that could be sold around the world – hence the 'Nations Championship' idea.

The Financial Times also reported that CVC was in advanced talks with SA Rugby, but that did not necessarily mean the Springboks would join the Six Nations.

CVC invested in Formula One from 2006 to 2017 before selling to Liberty Media.

Although the particulars of that deal are opaque, it is thought that CVC made as much as three and a half times its investment and it made some enemies along the way.

In 2016, the former deputy team principal of Force India, Bob Fernley, was quoted as saying: "All their actions have been taken to extract as much money from the sport as possible and put as little in as possible."

Those concerns may partly explain Gosper's lukewarm response to CVC's potential involvement, but significant change does appear to be inevitable for rugby.