The New Zealand Rugby Federation (NZR) on Thursday gave its approval to a "revolutionary" plan to sell shares of its All Blacks brand to American investors, a controversial choice that players have yet to accept.
"We believe this is a truly transformative opportunity," said the boss of the NZR.
The New Zealand Rugby Federation (NZR) on Thursday announced its support for the controversial plan to sell shares of its All Blacks brand to US investors, describing it as "a revolutionary turning point for rugby".
"We believe this is an exciting and truly transformative opportunity that can benefit all of the sport for generations to come," said NZR boss Mark Robinson.
The deal with California-based investment fund Silver Lake Partners received unanimous approval from the provincial leagues at the federation's annual general meeting in Wellington, but is yet to receive, in principle Thursday, the green light from the players' association to be adopted.
The New Zealand federation has responded favorably to the proposal of the Silver Lake fund, based in California: 280 million dollars (230 million euros) to acquire part of the "All Blacks" brand, that of the men in black triple champions of the world, who win eight out of ten matches.
A very controversial choice
This choice remains nevertheless very controversial and some even evoke the possibility of a veto of the players.
The All Blacks are both a historical monument and an everyday obsession in New Zealand, they are an integral part of the life of the inhabitants, of their national pride, a stone's throw from the great rivals of Australia and South Africa.
But the commercial stake is important.
Silver Lake wants to buy 12.5% of the commercial rights and the right to negotiate deals around the world to sell television rights and derivatives.
Which would jump the global commercial value of New Zealand rugby to 2.2 billion dollars (1.8 billion euros).