Silver Lake is one step closer to purchasing a stake in a new commercial operations entity for New Zealand Rugby, which would mark the first time the All Blacks rugby team is not solely owned by New Zealanders.
The firm received approval from the players to buy a 5.7% stake in convertible preference shares for $133 million in NZR CommercialCo, the new division housing all revenue-generating assets of the governing body.
Previous reports revealed Silver Lake offered $279 million for a 12.5% stake, but the players union opposed the deal.
Upon approval from the 26 provincial unions and Māori Rugby Board, NZR CommercialCo could reach an estimated $2.3 billion valuation.
An additional co-investment of up to $67 million will be offered to domestic investors later in the year.
Silver Lake could end up owning as much as 8.6% of the company’s equity.
