The Six Nations is set to stay on free-to-air television for the foreseeable future, tournament organisers have decided.

Its board, which consists of WRU chief executive Martyn Phillips and his counterparts from England, France, Ireland, Italy and Scotland, discussed the matter at a meeting in Dublin.

The superior viewing figures for football’s women’s World Cup, which was shown on the BBC, over the cricket World Cup on Sky Sports hardened resolve to continue to broadcast the Six Nations on terrestrial television, according to the Telegraph.

Rugby’s biggest annual event was aired by the BBC and ITV last season with Wales charging to a Grand Slam to send viewing figures soaring in the country.

The Six Nations board is of the view that retaining the European showpiece on mainstream television is essential for keeping it in the minds of the public rather than it be hidden away on a paid for channel with a limited audience.

The decision comes as power brokers agreed to enter into exclusive negotiations with CVC Capital Partners to sell the private equity firm a minority stake in the championship.

The deal, if it comes off, would result in the company purchasing around a 15 per cent stake in the Six Nations for in the region of £500m. The WRU would be likely to receive near £100m from the deal.

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It’s been claimed the investment would be a “game-changer” with the chief executives of each country taking the proposal back to their boards for discussion and potential approval.

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“We are open to the idea, why would you not be?” said Phillips, in an interview earlier this year.

But he also sounded a note of caution, warning: “Of all the decisions we have to make, it is the biggest one.

“All you do with a private equity deal is forward sell your profit. It looks attractive, but it will not be as attractive in three or four years. It has to be much more than that if you do it.

“There is always an element of control. We are rugby unions and you have to make sure you can govern the game.

“The devil is normally in the detail. If you partner with the right people, you have to believe that you can drive revenues further with them than working on your own.”

Six Nations team of the tournament

Sports agency IMG is also believed to have been among other parties interested in buying a stake but doing a deal with CVC was the preferred option of Six Nations chiefs.

The move towards selling to private equity comes a month after World Rugby's plans for a Nations Championship were left in tatters after Unions failed to agree unanimously on the radical proposal. You can read about what went wrong here.

CVC, who two years ago made a profit of almost £5bn on its sale of Formula One, wants to increase its rugby portfolio.

It last year paid around £230m for a 27 per cent stake in Premiership Rugby, the umbrella organisation set up by England’s top clubs, in the belief that rugby’s commercial and broadcast rights were undervalued and had major growth potential.

And it’s in advanced negotiations over buying a £120m stake in the Guinness PRO14.

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CVC’s plans for the PRO14 would provide an opportunity to sell the commercial and media rights for the Premiership and the PRO14 together, possibly boosting the value of each.

But many rugby followers, especially in Wales, Ireland and Scotland, dream of it leading to the formation of a British and Irish league.