(Reuters) - The International Volleyball Federation (FIVB) on Monday announced an investment deal with CVC Capital Partners to broaden the appeal of the sport.
The deal has resulted in the creation of Volleyball World, a new commercial entity that will initially work with FIVB and subsequently target partnerships with leagues and federations around the world.
CVC is looking to capitalise on the high level of interest in volleyball in countries such as Italy, Brazil, Japan, Poland, China and the U.S.
FIVB, along with its 222 national federations, will remain regulatory body for the sport, while CVC will focus on the commercial aspects as the majority shareholder of Volleyball World.
"In CVC we are confident we have found a partner with the experience, network and capital to support FIVB in its mission to further professionalise the sport for the benefit of fans, players and National Federations," FIVB president Ary Graca said in a statement.
"Volleyball World will boost our sport's financial growth and deliver lasting legacies for the whole game."
Private equity firm CVC also holds minority stakes in PRO14 rugby league and England's Premiership Rugby.
(Reporting by Hardik Vyas in Bengaluru; Editing by Pritha Sarkar)