All Blacks finalise deal with US private equity firm Silver Lake

New Zealand Rugby [NZR] and the New Zealand Rugby Players Association [NZRPA] have approved a partnership agreement with US private equity firm Silver Lake.

The partnership will provide "capital to invest in the game at all levels", they said in a statement, with Silver Lake to invest NZ$200m [€117.5m] in a new commercial entity that will "house all revenue-generating assets of NZR".

Silver Lake, NZR and NZRPA will also invest together in rugby-related businesses outside of New Zealand.

"In the privileged role we hold as guardians of our national game, we are proud of where we have landed with this partnership," NZR chairman Stewart Mitchell said.

"I want to acknowledge that the journey to get here hasn't been easy at times. There was healthy debate and some adjustments by all parties, but always with the good of the game at the heart of this process."

In April, 26 constituent provincial rugby unions approved the sale of a 12.5% stake in NZR's commercial arm, including rights to the All Blacks, to Silver Lake in a deal worth NZ$387.5m [€227.6m].

But the NZRPA opposed the deal and counter-proposed the sale of a 5% stake through an initial public offering in the country's stock market.

NZR said Silver Lake would own between 5.71-8.58% of the established 'NZR CommercialCo' after an additional co-investment later this year, compared to the 10-15% stake that had been previously proposed.

The co-investment will be offered to New Zealand-based institutional investors.

"A minimum of NZ$62.5m [€36.7m] will be offered, with the potential to seek up to NZ$100 million [€58.7m] if parties agree. Silver Lake will underwrite this institutional syndication if it is not fully subscribed," the statement said.

"NZRPA is excited for this partnership