French Rugby Federation (FFR) president and World Rugby vice-chairperson Bernard Laporte said on Saturday he expects the investment in the Six Nations by a private equity firm to be concluded by next month.
In July, the tournament confirmed talks with CVC Capital Partners were under way with reports claiming they would take a 14 percent stake in the competition.
"The CVC deal is expected to be done by the end of January," Laporte said during the FFR's annual financial assembly.
"After that, the competition's authorities need to analyse it and give their green light.
"The respective lawyers tell us it takes three months, it could take longer. If it takes three months then CVC's first payment will get to us by May. If it takes longer then it could be July, August, September," he added.
The transaction has been delayed due to the postponement of this season's Six Nations and the question of changing the international calendar.
CVC, which formerly owned a controlling stake in Formula One, has already purchased parts of the English Premiership and the PRO14 domestic leagues.
In July, Laporte told AFP the fund had decreased its original offer due to the coronavirus pandemic.
"For France it was €80 million. Now it will be between €70-80 million. It's not nothing," he said.
"After Covid-19 they re-negotiated, a little bit lower but not enormous," he added.
At Saturday's meeting, the FFR announced an increase in income of €400 000 for the financial year despite losing €6 million from the loss of matchday revenues due to the virus outbreak.
It is also owes £3.3 million to the local council of the Essone department, to the south of Paris, after plans for a new stadium were scrapped.
France open next year's Six Nations with a trip to Italy on 6 February.