New Zealand Rugby and players' association approve Silver Lake partnership

:New Zealand Rugby (NZR) and the New Zealand Rugby Players Association (NZRPA) have approved a partnership agreement with U.S. private equity firm Silver Lake, NZR and NZRPA said on Thursday.

The partnership will provide "capital to invest in the game at all levels", they said in a statement https://www.nzrugby.co.nz/news-and-events/latest-news/new-zealand-rugby-and-new-zealand-rugby-players-association-boards-approve-partnership-with-silver-lake, with Silver Lake to invest NZ$200 million ($133.74 million) 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 12.5per cent stake in NZR's commercial arm, including rights to the All Blacks, to Silver Lake in a deal worth NZ$387.5 million.

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

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

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

"A minimum of NZ$62.5 million will be