Participants in an organization that chases the All Blacks in New Zealand have voted to sell 12.5% of their commercial rights to a US state-owned company despite opposition to the powerful rugby union.
The 26 Pacific rugby federations in the region voted unanimously on Thursday to reimburse NZ $ 387.5m (US $ 281m) for New Zealand Rugby and Silver Lake, $ 75bn California’s best-selling bargain for professional betting.
The controversial idea paved the way for a hefty negotiation between the match officials and the New Zealand Rugby Players Association, whose accreditation required a secret agreement to continue.
The alliance, if approved by the council, could lead to a war against one of the world’s most popular games between Silver Lake and its ally. CVC Capital Investors at a time when the Covid-19 epidemic has disrupted rugby operations.
CVC from Luxembourg already has a few shares in the English Premiership, Pro14 and so on Six colors. It has also held talks with South Africa, a rulers all over the world, about buying a 15-20% share in the country’s sports market.
“What you just did was very important,” Brent Impey, chairman of Rugby in New Zealand, told the next meeting of the post-election organization.
“The game has changed, and Silver Lake’s investment can allow us to focus on rugby and make money in areas where we need it most, especially youth rugby and women.”
New Zealand Rugby lost NZ $ 34.6m in 2020 in the fall of NZ $ 55m due to the coronavirus epidemic, which mechanical interference.
Under the agreement, dubbed “Project Future” and its sponsors, Silver Lake pays NZ $ 387.5m at a cost of 12.5% to a commercial New Zealand Rugby company, including They are all black, one of the most recognizable features of global sports.
The alliance would appreciate New Zealand Rugby’s interests at a cost of more than NZ $ 3bn and give it the opportunity to donate NZ $ 39m to the participants, including regional organizations that voted for the alliance.
New Zealand Rugby says the league will change the game and provide funding for rural rugby, professionalism and other activities that could enhance the sport.
Crucially, it will also provide more funding to retain talented players, who are most threatened by clubs in Europe and Japan, according to their allies.
But the idea of Silver Lake has proved to be a contradiction. Opponents have warned that they are at risk of repeating the mistakes that rocked the ball, as the top clubs struggled to establish explosive European Super League.
In January, the players’ association told Rugby in New Zealand that they will not accept alliances due to concerns over weak governance and threats to the economic and cultural viability of rugby in New Zealand.
“There is a risk of theft or destruction in the culture offered by Silver Lake by a British and American business company,” said the letter, in an interview with Financial Times.
Silver Lake, also they have a price at a football club in Manchester City, it has sought to address the concerns of players and fans so that they can sell the game to the fullest. He also spoke about the formation of a partnership, in which the business is still large and managed by New Zealand Rugby.
But a number of representative positions between the board and the players’ union have failed to agree on a Silver Lake meeting.
Rob Nichol, the head of the players’ association, told FT that the trials were a result of the body’s inquiry into its members.