A statement from the Six Nations says a planned deal to sell a stake in the rugby tournament to a private equity firm is not expected imminently.
Six Nations has been in talks with CVC Capital Partners over a deal which would see the national unions within the tournament receive a significant financial investment.
Reports in France over the weekend suggested a deal was close to being agreed, which would see CVC complete the acquisition of 14.5 per cent of the championship.
But a statement released on Tuesday by Six Nations said: "Over the past year, Six Nations has been involved in exclusive negotiations with CVC Capital Partners.
"These negotiations have been very constructive and forward thinking.
"Negotiations of this nature are complex. They can take significant time and at this point, are still ongoing.
"An agreement is not to be expected imminently and it would be inaccurate to present it as a formality."
The national unions are facing something of a financial crisis due to the effects of the coronavirus pandemic but this will apparently not be a factor in completing the deal.
The statement added: "There is no set timeline for completion of this process, and any agreement, if it were to go ahead, would not be accelerated due to any potential challenge presented by the current external environment."