New Zealand Rugby (NZR) has called a special general meeting in Auckland on June 2 to allow member unions to vote on a private equity investment from US firm Silver Lake, the last step in the approval process for the groundbreaking deal.
The deal, which values NZR’s commercial assets at NZ$3.5 billion ($2.21 billion), would see Silver Lake take 5.71-8.58 percent of a new commercial entity following an additional co-investment offered to New Zealand institutions later in the year.
The 26 provincial unions will receive less cash compared to Silver Lake’s previous offer of NZ$387.5 m for a 12.5 percent stake a year ago, which was rejected by the players union.
The path was cleared for the revamped deal to go through when NZR struck a deal with the players in February.
"I play rugby because I love it...the style I play is suited to Jonah"— Rugby World Cup (@rugbyworldcup) May 12, 2022
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The deal, though, remains controversial, with some New Zealanders resistant to the idea of any level of foreign ownership of the famous All Blacks brand.