New Zealand Rugby is poised to vote on the sale of a multi-million dollar stake in its legendary All Blacks franchise to a US private equity firm, opening a new front in the battle over big money in sport.
New Zealand rugby's governing body is expected to approve the US$280 million offer from California-based Silver Lake investments at an annual general meeting in Wellington today. But the proposal faces a potential veto from players, some of whom believe the soul of rugby's most storied national team is being sold.
The vote comes just a week after the European Super League fiasco, when Europe's top football clubs shelved a US-backed breakaway competition within days, after an outcry from fans and officials. The All Blacks' worldwide recognition - they have won three World Cups and have a win rate of almost 80 per cent - has made the team a valued asset, attracting Silver Lake, which wants a 12.5 per cent stake in NZR's commercial rights, and the right to negotiate merchandise and broadcast deals worldwide.
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