It's accepted inside FFA that the current model is broken. FFA runs small losses, clubs run losses, television networks are bleeding and everyone thinks everyone else is getting too much.

What's needed is a cash injection – and preferably one big hit to make one substantial step forward than try and do it the hard way.

It sounds like a private equity job, if ever there was one. Think Archer Capital buying a 65 per cent stake in V8 Supercars for $180 million or global giant CVC investing in Formula One racing.

The question is who's willing to tip in the money and what would they be buying?

We know private equity firms will look at anything they think they can turn a dollar out of, particularly if there is a regional growth story that can play out and be used to find an exit after a few years.

It's hard to see one of the traditional media companies investing in the sport, given issues in their own backyards, while the elusive sports management companies are often talked about as acquirers but are yet to really put their money where their mouth is on these shores.

As for what would be offered – dealmakers know the Lowys love a restructuring deal. If there is there is one thing FFA chair Steven Lowy wouldn't want to give away, it is control.

How could a private equity investor make it work without taking control? That's the issue for investment bankers.

You can bet there are some smart types at UBS who will be asked to make a few calls and see what is out there. After all, Matthew Grounds and Guy Fowler were integral to FFA's recent $254 million TV deal with Fox Sports.

UBS Australia's top brass have an ongoing relationship with the Lowys, and FFA seems to be an extension of the mandate.