New Zealand Rugby has come to a settlement with INEOS after the former sponsor allegedly reneged on its contract two years before it was due to end.
In February, NZR said it intended to take legal action against the petro-chemical company after it failed to pay its first instalment of the year.
In a statement this morning, NZR said it and INEOS “can confirm that a settlement has been reached between the two parties".
“Whilst the details remain confidential, both organisations are satisfied with the outcome and acknowledge a desire to now move forward.”
The INEOS branding on New Zealand’s representative teams’ playing and training kit has already been removed.
The deal between INEOS, owned by Englishman Sir Jim Ratcliffe, and NZR was announced in July 2021 and was understood to be worth about $8 million a year.
It began in 2022 and was due to run until 2027.
The deal was criticised at the time by Greenpeace, who said it fundamentally went against New Zealand's “clean, green” values.
INEOS promised to fuse expertise in Formula One, cycling, sailing and football as “part of a unique sport performance group” but financial issues led to them cutting back on sponsorship deals around the world.
INEOS said it tried to reach a "sensible agreement" with New Zealand Rugby.
In a statement in February, INEOS said that "cost-saving measures across the business" had prompted it to seek a change to its relationship with NZ Rugby, saying it had already contributed more than $50m in sponsorship.
In an interview with 1News recently, NZR chief executive Mark Robinson said his organisation was in strong financial shape despite the sponsorship blow.
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