New Zealand Rugby's deal with Silver Lake is going ahead, with the equity outfit investing $200 million into the game.
Another $100 million will come from co-investment with New Zealand-based institutions.
NZR's board and the New Zealand Rugby Players Association announced today it had approved a partnership with Silver Lake, to provide "capital to invest in the game at all levels and supporting the development of new capabilities and the pursuit of new global opportunities enabled by digital technologies".
The top 14 provincial unions get around $1 million each straight away, with some of that filtering down to clubs, 1News understands. (Source: 1News)
The trio will also look to invest together in rugby-related businesses overseas.
1News reported yesterday the deal had been signed off, with the 26 provincial unions to do likewise at a special general meeting soon, or at April's AGM.
The unions already voted to approve the deal.
The top 14 provincial unions get around $1 million each straight away, with some of that filtering down to clubs, 1News 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.
All Blacks captain Sam Cane described the mega deal as a “great step forward” for the game. (Source: 1News)
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.
Read more: NZ Rugby's Silverlake deal enters final phase with players onboard
Once all investment has been made, Silver Lake will own up to 8.58 per cent of the commercial entity that will house all NZR's revenue-generating assets.
"In the privileged role we hold as guardians of our national game, we are proud of where we have landed with this partnership," NZR chair Stewart Mitchell said.
"I want to acknowledge that the journey to get here hasn’t been easy at times, there was healthy debate and some adjustments by all parties, but always with the good of the game at the heart of this process. The NZR Board are looking forward to continuing our conversations with the Provincial Unions and Māori Rugby Board and anticipate ratification in the coming weeks
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