Breakaway rugby league R360 scrums down with 885 backing

An investor in Baller League and the Professional Fighters League is to help fund next year's launch of R360, a new rugby format which is aiming to entice some of the world's leading professional players.

Sky News has learnt that 885 Capital, an investment firm founded by Sudeep Ramnani and Jai Mahtani, is part of a consortium which has agreed to inject funding into R360 - which will encompass both men's and women's professional competitions. Among the other early backers are Martin Gilbert, the City grandee who chairs Revolut, and Albachiara, an advisory and investment business which specialises in sectors including sport.

The size of the capital injection into R360 to date is unclear, although rugby insiders believe it will need to raise tens of millions of pounds to finance its early years, owing to the cost of player recruitment and marketing. R360 has been dubbed a divisive concept by critics because it wants to tempt leading players such as England's Fin Smith and Henry Slade from their current clubs into a new franchise league, consisting of 12 teams based in major cities around the world.

The new format has been developed by Mike Tindall, who was part of England's 2003 World Cup-winning team. Mr Tindall is reported to have informed players this week that funding had been secured but without disclosing the names of R360's backers.

English players who participate in the breakaway tournament could be prevented by the Rugby Football Union from playing for the national team, according to reports. News of R360's backers comes just days after England's women's team won the World Cup at Twickenham after beating Canada 35-13.

R360's board is understood to have reversed a decision to sell individual team franchises despite having received substantial investor interest. The preference for a centrally owned model, according to insiders, would allow R360 to have greater control over team and 'product' quality during the early years of the competition.

It emerged on Wednesday that funding for the new venture had been secured until 2028, when it is forecast to become profitable. The funding of R360 has been organised by Oakvale Capital, a specialist sports and gaming corporate finance advisor.

A spokesperson for R360 said: "We're not in a position to comment on investment partners in order to respect confidentiality. "However, what we can say is we're truly excited to launch our global league next year, which has been designed to showcase the best rugby players in the world, capture the imagination of fans and grow our sport in the years ahead." 885 Capital did not respond to a request for comment..