New Zealand Rugby faces crucial vote on mammoth R2bn US private equity deal

The fate of New Zealand Rugby's contentious deal with a US private equity firm should be known on Thursday, when members vote at a special general meeting in Auckland.

If passed, Silver Lake will take a substantial stake in NZR's commercial rights, introducing an unprecedented outside influence to the sporting body which owns the mighty All Blacks.

Here's a breakdown of the details and implications of the investment:

Who are Silver Lake?

A California-founded global private equity firm which has expanded over 20 years to sit among the world's largest technology investors.

It has ventured into sport and entertainment more recently.

In 2016, it was among a group of investors that purchased the UFC mixed martial arts promotion company and three years later poured $500 million into acquiring just over 10 percent of City Football Group, the owners of English Premier League champions Manchester City and other teams around the world.

Rugby union, with its wealthy fan base, is next in its sights.

The sport has proved an attractive investment opportunity for private equity, with CVC Capital Partners taking stakes in England's Premiership and the Six Nations tournament.

What do they want to do? 

Silver Lake has offered to put R2 billion into a joint commercial entity, which would remain majority-owned by NZR.

The firm would gain a stake in NZR's commercial rights and in return provide expertise on expanding its digital footprint to generate revenue.

Its main focus would be the three-time world champion All Blacks, recognised globally for their legacy of success and by casual fans for their fearsome pre-match haka challenge.

The deal values New Zealand Rugby's commercial interests at NZ$3.5 billion.

Institutional investors would be given the