The 89-to-1 vote, which gives Silver Lake a substantial stake in NZR's commercial rights, was described by NZR manager Stewart Mitchell as a "monumental moment in the history of rugby in New Zealand".

"It's taken us a long time to get to this point and it's because our members care deeply about our game, our communities and our people," he added.

The agreement provides for the creation of a commercial company, majority-owned by the federation, but in which the American company would invest 200 million New Zealand dollars for a 5.8% stake.

An additional investment of NZ$100 million will then be offered to New Zealand-based institutional investors and Silver Lake's stake could increase to 8.58% depending on the equity stake.

"Respect for values ​​and traditions"

Until the vote, closed-door meetings took place, with New Zealand's 26 provincial unions seeking to ensure they would not be sidelined and there would be financial fallout for neo rugby -Zealanders at all levels.

"Digital technologies are transforming sport and the media, presenting many opportunities for rugby, and we are ready to help seize them while respecting the values ​​and traditions of the game in New Zealand," assured the chief executive of Silver. Lake, Stephen Evans.

Rugby is more than just a sport in New Zealand: it is seen as an integral part of the social fabric, and the men's national team, the All Blacks, as national heroes.

With a 77% try success rate and winners of three of nine World Cups, they are one of the most successful teams in world sport.

But they haven't tapped into their market potential like other big sports brands have done in Formula 1 or even European football.

Mark Robinson, NZR chief executive, said the deal would raise the profile of the All Blacks even further, "but it's by no means a silver bullet. We know we still have a lot of work to do and Silver Lake to the same view of things.

Stewart Mitchell hopes for his part to reap the fruits of this partnership "in the next four to five years".

In exchange for its expertise in better promoting New Zealand rugby and the All Blacks brand internationally, Silver Lake could get its hands on the huge commercial rights currently valued at 3.5 billion New Zealand dollars (2 billion dollars). euros).

The objective for NZR is to be able to invest money in women's rugby and regional rugby, while creating a fund to ensure the long-term financial stability of a federation that has often been in deficit in recent years.

NZR notably suffered 20 million euros in losses in 2020 due to the pandemic.

Mark Robinson believes that if the money comes in as part of the Silver Lake deal, it could allow for a new salary structure and prevent some of its best players from leaving for Europe or Japan.

Silver Lake is in any case not at its first attempt in the field of sport.

In 2016, she was part of the group of investors who bought the UFC, the main organizer of MMA (mixed martial arts) fights, and three years later acquired just over 10% of City Football Group, owner from English soccer club Manchester City for $500 million.

© 2022 AFP