Rugby-New Zealand unions approve sale of stake to U.S. private equity firm

New Zealand's 26 provincial unions on Thursday unanimously approved the sale of a 12.5% stake in the commercial arm of New Zealand Rugby, including the All Blacks national team, to American private equity firm Silver Lake.

New Zealand's 26 provincial unions on Thursday unanimously approved the sale of a 12.5% stake in the commercial arm of New Zealand Rugby, including the All Blacks national team, to American private equity firm Silver Lake. The NZ$387.5 million ($281.8 million) deal, which values NZR's commercial rights at $2.23 billion, still needs to be approved by the New Zealand Rugby Players' Association.

"We are thrilled that our Provincial Unions ... have recognised the importance of private equity in driving commercial revenue and enabling investment to ensure rugby thrives and survives into the future," said NZR chairman Brent Impey. "Today's vote for Silver Lake represents a transformational opportunity for our game and one we must grasp." ($1 = 1.3751 New Zealand dollars) (Writing by Nick Mulvenney in Sydney, Editing by Lincoln Feast)