It looks like rugby’s big mega deal is on, with only ratification from the sport’s provincial unions needed before a year of negotiations are finally complete.
1News understands Silverlake and the New Zealand Players Association have signed off on the deal, with the New Zealand Rugby Board meeting on Wednesday.
The 26 provincial unions will also sign off on the deal at a special general meeting soon, or at April's annual general meeting 1News understands, but it will be a formality given the unions voted last year for the injection of 300 million dollars plus into the game.
1News understands Silverlake gets 7.5 per cent of a new commercial company set up to push our most famous rugby brands which is less than what they first wanted – 12.5 per cent - but they've upped the value of New Zealand Rugby, so the capital investment is still well over $300 million.
The top 14 provincial unions get around $1 million each straight away, with some of that filtering down to clubs, 1News also understands.
The top-level professional players will fare well out of the deal as well, receiving 36.5 per cent of all revenue coming into the game as part of their collective bargaining agreement anyway.
Some in rugby circles spoken to by 1News don't see this as a silver bullet for the game though, with major concerns over diminishing playing numbers, a lack of time or money to invest in club rugby and the fallout from Covid for both the unvaccinated and vaccinated.
The deal has been a long and gruelling 12 months in the making under the spectre of Covid - and often spiteful battles between the rugby union and players’ association.
To finally have agreements from the parties, and to link up with a company with the global reach of Silverlake, appears to be quite an achievement.
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