Luxembourg-registered private equity giant CVC Capital Partners has kicked off a refinancing of its sports assets portfolio, valued at more than €10.3 billion, Sky News reported on Saturday.

The buyout firm hired Goldman Sachs Group, PJT Partners and the Raine Group to advise on the deal, which would likely involve raising new debt, according to Sky, citing sources it didn’t name.

A spokesperson for CVC didn’t immediately reply to an emailed request from Bloomberg for comment.

Also read:Luxembourg private equity giant CVC gives first glimpse of financials

CVC holds stakes in Six Nations and Premiership Rugby as well as top-tier football leagues in France and Spain. It also has interests in international volleyball, the women’s professional tennis tour and Indian Premier League cricket.

The refinancing would allow CVC to remain invested in its sports holdings for longer, while paving the way for a potential sale of a minority stake in SportsCo, a new entity housing the sports assets, according to Sky. The move could also open the door to an initial public offering, Sky said.