NZR sets date for vote on Silver Lake deal
AUCKLAND: Dday has been revealed for one of the most significant votes in the history of New Zealand Rugby.
NZR will hold a special general meeting in Auckland on Thursday, June 2, to allow members to vote on the motion for approval of the Silver Lake investment proposal.
Frustrated provincial unions had previously tabled a series of conditions before any agreement on the $200 million Silver Lake deal can be reached.
A vote from the 26 provincial unions on the proposed 5% sale of NZR’s commercial assets was initially planned for the annual meeting in Wellington on April 28, but was delayed.
understands while NZ Rugby and the provincial unions have agreed a 75% threshold must be reached for the deal with the US investment firm to proceed, the vote delay signals the ongoing power struggle between the provinces and the Players’ Association.
Three key stipulations have been put to NZ Rugby by the provincial unions:
The requested independent governance review to encompass all of rugby, including the Players’ Association.
A provincial unionelected representative on the commercial co board — one to match the Players’ Association.
A ‘‘fairer’’ slice of the revenue pie that protects and futureproofs the grassroots community game.
As the deal stands, the provincial unions would receive an immediate $20 million cash injection, with a further $7 million shared among grassroots clubs. The players would receive $5 million immediately.
At present, the collective agreement entitles the professional players to 36.5% of NZR’s revenue, while the provincial unions receive around a 17% share.
In last year’s Covidaffected climate the provinces got $29 million, with that figure rising to around $40 million this year.
Longterm, the players stand to significantly benefit from any further revenue uplift in NZ Rugby’s potential Silver Lake partnership. The provinces are not requesting any more funding upfront, but they are pushing for assurances that the community game will be properly insulated. —