The biggest deal in New Zealand Rugby history has finally been agreed after two years of heated bickering with the 26 provincial unions voting 89-1 to support the Silver Lake offer.
At a special meeting on Thursday in Auckland, the unions agreed to accept the deal from the American private equity company that will put between $200 million and $300 million into the New Zealand rugby scene.
It comes after some late drama in the two-year saga which saw a number of provinces - including Auckland - baulk at changes to the original deal, believing they weren't getting a big enough piece of the pie compared with New Zealand's professional players.
NZR confirmed Thursday that $7.5 million will go to rugby clubs, $2 million will go into Māori Rugby, and a further $20 million will be invested into Provincial Unions from the $200 million investment.
“This is a transformational moment for rugby in Aotearoa at every level of the game and will enable us to move forward, change, and take advantage of the massive opportunities in front of us," NZR Chair Stewart Mitchell said.
"It has taken us some time to reach this point and that is because our members care so deeply about our game, our communities, and our people."
After two years of drama around the $200 million deal with the American private equity company, NZ's 26 unions voted 89-1 in favour to get it across the line. (Source: 1News)
Previously, a 75 per cent majority would have been needed in Thursday’s vote, but 1News understands at Silver Lake's request 100 per cent agreement was needed.
The vote could have been done by voice on Thursday if it was unopposed but after at least two provinces requested a secret ballot, it was instead done in private.
Despite the one vote against the deal, the overwhelming majority was enough for the deal to go ahead.
Once all investments have 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 return, Silver Lake will invest $200m into the game with another $100m set to come from co-investment with New Zealand-based institutions.
Top-level professional players fare well in the deal too, with 1News understanding they'll receive 36.5 per cent of all revenue coming into the game as part of their collective bargaining agreement.
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