Investors CVC want a slice of the Six Nations
World Rugby will showcase its ideas on the evolution of the sport on Thursday.
If the Six Nations, decide to indeed sell to CVC or another firm, it would severely dampen the chances of the Nations Championship getting up and running as planned.
The Unions of the Six Nations (France, Italy, Wales, Ireland, England and Scotland) have been discussing commercial possibilities named 'Project Light.'
The proposal from CVC - one of a group of interested parties, means the Six Nations find themselves in a difficult situation either selling to private companies or following World Rugby's Nations Championship.
It is understood CVC's offer is for an approximate 30% share in the Six Nations. Sources at the unions have not denied an offer is on the table but insist a deal is not imminent.
A number of Six Nations union's have discussed their displeasure at the prospect of a possible promotion and relegation system being introduced.
CVC already have a 27% stake in England Premiership Rugby, as of December 2018.