A deal for investors to raise as much as $60 million for New Zealand Rugby is being delayed amid poor performances by the All Blacks rugby team.
“All we can say at this point is that the timeline will be discussed by NZRC and NZR Boards over the coming months,” an NZR spokesperson told Bloomberg.
In February, Silver Lake received approval from players of the legendary All Blacks to acquire a 5.7% stake in NZR CommercialCo via convertible preference shares, after previous reports revealed that the private equity firm offered $279 million to buy a 12.5% stake.
The deal for a 12.5% stake was reportedly denied by New Zealand Rugby’s players union.
- In June, Silver Lake agreed to invest $122 million in NZR CommercialCo.
- The investment values NZR at $3.5 billion.
Known as the best rugby team in the world with a 77% international win rate since 1903, the All Blacks have seen their brand value take a hit with six losses in their last nine matches.
As a result, the national team has plummeted to fourth in the world rankings behind Ireland, France, and South Africa, respectively. The drop has led to a decline in demand for shares.
As a sport with more than 500 million fans, rugby has become a hot commodity.
In June, Wasserman — one of the largest sports and entertainment agencies in the world — acquired Esportif, a rugby-focused talent agency.