New Zealand Rugby has taken a 40 per cent stake in the ownership of the Blues, hoping to turn the struggling franchise around.
NZR and Bolton Equities Limited have come to the agreement that the game's governing body will take the 40 per cent stake, albeit on an interim basis, following a review into the club's governance structure.
"We would like to thank BEL CEO Murray Bolton and his team for their contribution to the Blues over this period," NZR CEO Steve Tew said.
"A large amount of progress has been made over this time highlighted by the establishment of the Blues' home base in Epsom which is as good as any in professional rugby."
NZR will hold the stake alongside the unions that make up the Blues - Auckland, Northland and North Harbour - until new investors can be found.
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