November 12, 2012
  Follow @ Twitter

Crusaders, Hurricanes partially privatised

The licences for the Canterbury Crusaders and Wellington Hurricanes Super 15 franchises will be partially sold-off to private investors, the New Zealand Rugby Union (NZRU) said Monday.

NZRU chairman Steve Tew said a joint-ownership deal had already been struck for the Hurricanes licence and a similar arrangement was expected to be finalised for seven-time Super champions the Crusaders within a month.

"These new arrangements are a step forward in terms of putting Super Rugby on a stronger financial footing to ensure the game at the professional level is better placed to prosper and deliver for its fans," Tew said in a statement.

It is the latest in a series of moves by the NZRU to improve its finances, including a deal unveiled last month for the All Blacks to wear a sponsor's logo on their jerseys for only the second time in their 107-year history.

As part of the Wellington sell-off, existing owner the Wellington Rugby Football Union will jointly run the team with a business consortium that includes investors linked to the Wellington Phoenix A-League football club.

The NZRU did not disclose how much the consortium paid for a 50 percent stake in the Hurricanes licence until 2016 and the option for a five-year renewal after that.

The NZRU, which invited expressions of interest last December in four of the country's five Super 15 teams, failed to finalise deals for the Auckland Blues and Waikato Chiefs in time for the 2013 season.

New Zealand's fifth Super 15 team, the financially struggling Otago Highlanders, was not included in the sale process.

AFP

Euro 2016

PREVIOUS STORY
Wallaby plays with mother in coma - report
NEXT STORY
Domolailai, Jim join as Male mulls changes

Post a Comment
Bookmark and Share

 


Posted Comments
No comments, but you can post the first comment!

 

 







SPORTS
My son will prove critics wrong: Thompson
Jarryd Hayne’s father Manoa Thompson is confident the former NRL and NFL superstar will prove his worth in sevens rugby for Fiji and prove his critics wrong.
FOOTBALL
Labasa faces Nadroga in FACT opener
Reigning champion Labasa will face Nadroga in its opening match of the 2016 Vodafone Fiji FACT at Subrail Park on Friday, June 17.
FIJI NEWS
Cyclone Winston moves towards Tonga
Category 2 Tropical Cyclone Winston is moving away from the Lau group and towards Tonga.
WORLD
Obama unveils gun violence proposals
President Barack Obama today demanded an assault weapons ban and universal background checks for gun buyers, stoking a generational clash with the firearms lobby after the Newtown school massacre.
ENTERTAINMENT
Afghan street kid heads for the Oscars red carpet
An Afghan street kid is off to Hollywood and the red-carpet treatment at the Oscars -- a fairytale ending to a chance encounter that led to a starring role in a movie.
TECHNOLOGY
Online registration for foreign investors
Fiji will soon launch online registration and approvals system for foreign investors.