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The sale of a minority stake in New Zealand Rugby’s commercial rights to California-based private equity firm Silver Lake for $130.6 million is up against a critical vote to gain approval.

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Silver Lake agreed to acquire a 5.7% stake in NZR CommercialCo, a division of New Zealand Rugby that houses all revenue-generating assets of the governing body.

The pending sale — agreed to in February 2022 — was approved by New Zealand Rugby’s players union after some reluctance.

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Members of New Zealand Rugby will vote on Thursday at a special general meeting.
Approval of the sale could value NZR CommercialCo at more than $2 billion.

The process for Silver Lake to invest in New Zealand Rugby — the owner of the All Blacks team — has been arduous. A report from April 2021 revealed that Silver Lake offered $279 million for a 12.5% stake in the commercial entity, but the players union opposed the deal.

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Players for the All Blacks say investment could also taint their rugby traditions. The All Blacks have won more than 75% of their test matches and three of nine Rugby World Cups.

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