New Zealand Rugby mulls controversial US investment

WELLINGTON: New Zealand Rugby is poised to vote on the sale of a multi-million dollar stake in its legendary All Blacks franchise to a US private equity firm, opening a new front in the battle over big money in sport.

New Zealand rugby’s governing body is expected to approve the US$280 million offer from California-based Silver Lake investments at an annual general meeting in Wellington on Thursday.

But the proposal faces a potential veto from players, some of whom believe the soul of rugby’s most storied national team is being sold.

The vote comes just a week after the European Super League fiasco, when Europe’s top football clubs shelved a US-backed breakaway competition within days, after an outcry from fans and officials.

The All Blacks are a national obsession in New Zealand. Their players are household names, and countless youngsters dream of running out to perform the famed haka pre-match challenge to opponents.

The deal would value New Zealand Rugby’s commercial assets at a whopping US$2.2 billion. New Zealand Rugby chief executive Mark Robinson said the deal would be “transformational” for rugby in New Zealand, and for club sides that are perennially short of cash despite the All Blacks’ on-field success.

“We believe the game needs to change and we have a strong leadership role to play in providing opportunities for that to happen,” he told reporters.