New Zealand unions okay stake sale in All Backs to private equity firm, SIlver LakeSports | 29 Apr 2021 8:36 am
New Zealand's 26 provincial unions on Thursday unanimously approved the sale of a 12.5 percent stake in the commercial arm of New Zealand Rugby, including the All Blacks national team, to American private equity firm Silver Lake, Reuters reports.
The NZ$387.5 million (US$281.8 million) deal, which values NZR's commercial rights at US$2.23 billion, still needs to be approved by the New Zealand Rugby Players' Association.
"We are thrilled that our Provincial Unions ... have recognised the importance of private equity in driving commercial revenue and enabling investment to ensure rugby thrives and survives into the future," said NZR chairman Brent Impey.
"Today's vote for Silver Lake represents a transformational opportunity for our game and one we must grasp."-Photo: New Zealand Herald