The global private equity giant CVC Capital had been circling Celtic Rugby – the company behind the domestic competition for Irish, Welsh, Scottish and Italian clubs – for more than a year. In May 2020, with lockdown stressing the financials of the rugby unions, a deal was done: 28 per cent of the league for $149 million.  It’s fair to say the unions didn’t get the best possible price, dealing as they did in May 2020, when Covid-19 was at its scariest. But it’s also true that the deal was critical to the unions in the short term. Last year,…

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