Silver Lake to Invest in New Zealand Rugby
Silver Lake has agreed to invest NZ$200 million in the organisation behind New Zealand’s legendary All Blacks rugby team, as the US private equity firms continue to buy into sport amid the coronavirus pandemic, Samuel Agini has reported for Britain’s Financial Times.
Under the terms of the deal, Silver Lake will back a new commercial entity that will contain New Zealand Rugby’s revenue-generating assets.
New Zealand-based institutional investors will be given the chance to invest a further amount of up to $100m later this year.
“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,” chair of New Zealand Rugby Stewart Mitchell said.
Silver Lake’s investment in the All Blacks proved controversial when talks were revealed last year. A prospective deal provoked opposition from the powerful rugby players’ association, which has now backed the agreement.
Original article by Samuel Agini, Financial Times, February 17, 2022.