New Zealand Rugby has voted to sell a 12.5 percent stake in its commercial interests to US private equity firm Silver Lake.
NZR chief executive Mark Robinson and chairperson Brent Impey are due to speak to media after the vote at the AGM.
The deal would be worth $387.5 million to the NZR. Documents released for the AGM outlined that $39m of the sale price will be distributed to stakeholders such as provincial unions and a legacy fund will be established to ensure the sustainability of rugby at all levels.
Read more: The Silver Lake deal explained
New Zealand Rugby needed the backing of more than 50 percent of the the country’s provincial rugby unions at this morning’s AGM to have its recommendation to sell the stake pass.
The deal also requires sign off from the New Zealand Rugby Players Association, which is in mediation with NZR over the deal.
The players have concerns about pay, whether the deal could damage the relationship between rugby and the New Zealand public, and wants assurances cultural aspects such as the haka are protected.
Sports Minister Grant Robertson has urged all parties to work together for the good of the game. “I just encourage both parties to continue talking because for the good of the game we need our elite players to be well looked after, happy to be playing here, and carrying on supporting the next generation coming though,” he said.
Source: rnz.co.nz Republished by arrangement.