New Zealand Rugby (NZR) has approved a revolutionary deal which will see US investment firm Silver Lake take a 12.5 per cent stake in the game's commercial rights including the All Blacks.
The proposal was voted for unanimously by New Zealand's 26 provincial unions and the New Zealand Maori Rugby Board (NZMRB) although it still needs sign off from the New Zealand Rugby Players' Association (NZRPA).
The private equity deal would see Silver Lake inject $NZ387.5 million into NZR, coming after the governing body recorded an operating loss of $NZ18.7m at its Annual General Meeting in Wellington on Thursday.
The controversial deal has been mooted for some time and takes the game a step closer to the All Blacks becoming a non-wholly publicly-owned entity for the first time.
NZR Chair Brent Impey said: “We are thrilled that our Provincial Unions [and] the Māori Rugby Board have recognised the importance of private equity in driving commercial revenue and enabling investment to ensure rugby thrives and survives into the future.
"Today’s vote for Silver Lake represents a transformational opportunity for our game and one we must grasp.”
Ongoing discussions with the NZRPA will be critical to establishing the terms of the deal, although Impey was disappointed they had not yet given their consent.
“Through swift action, good governance and hard work of our people we are fortunate to be one of the best placed national unions in the world," he said.
"However, we are at a critical juncture and need our players’ support if we are to make the most of the opportunity in front of us.
“The game has to change, and Silver Lake’s capital injection would allow us to re-imagine rugby and invest in the areas of the community game that need it most, particularly teenage and women’s rugby, and to create better and more engaging experiences for our fans.
"We hope the NZRPA will realise the significance of the opportunity in front of us and will continue to work toward an agreement in coming weeks."
New Zealand's Sports Minister and Deputy Prime Minister Grant Robertson also weighed in on the matter, calling for the NZRPA to come to the table for talks.
"New Zealand Rugby has been working hard on it, trying to establish what it believes is a more secure financial base for the sport," Robertson said.
"Some of the details that are now emerging show the provincial unions will be getting some slice of the extra money that might be coming in, but other details are still a little bit unclear.
"Obviously on the other side of the equation you've got the Rugby Players' Association who are concerned about both the salaries that the players get but also some other issues like protection of cultural icons such as the haka."
England and Saracens number eight Vunipola fined after arrest in Mallorca
England international Billy Vunipola has confirmed he has been fined after an incident which saw him arrested in Mallorca on Sunday, with his club Saracens set to launch an internal investigation.
On Monday, widespread reports claimed Vunipola had been tasered by Spanish police in the early hours of Sunday morning, with an altercation taking place after he left a club in Palma.
Saracens later confirmed they were aware of an incident and said they would deal with it internally.
The number eight, who was born in Australia but has represented England 75 times, later released a statement of his own via his club, denying that any violence took place and confirming the police investigation was now closed.
"I can confirm I was involved in an unfortunate misunderstanding when I was leaving a club in Mallorca on Sunday, which got out of hand," that statement read.
"Contrary to media reports, there was no violence, no fight and I did not threaten anybody at any stage, with bottles or chairs or anything else.
"I was charged with resisting the law and, following an 'express trial', I have paid a fine of €240. The Spanish police investigation is now closed, and I am flying back to the UK today.
"I will obviously cooperate with the Saracens internal process and unreservedly apologise for any inconvenience to all involved."
Babar's captain's innings leads Pakistan to victory as series drawn with New Zealand
Babar Azam top scored as he led his Pakistan team to a nine-run victory over New Zealand in Lahore that saw the five-game T20I series end in a draw.
Babar hit 69 runs off 44 balls before being bowled by Ben Sears, smashing six fours and two sixes to take his team to 123/3 at the time of his dismissal.
Fakhar Zaman (43 from 33) and Usman Khan (31 off 24) also chipped in with important innings as Pakistan ended on 178/5.
With a target of 179 to secure a 3-1 series victory, New Zealand's run chase faltered almost immediately as opener Tom Blundell was removed within the first over with his team having managed just five runs on the board.
Blundell's fellow opener Tim Seifert steadied the ship with a vital 52-run innings off 33 deliveries before being bowled by Usama Mir, but Shaheen Shah Afridi led the way for Pakistan, finishing with figures of 4-30 to stem the New Zealand run chase
Josh Clarkson's 38 off 26 set up a nervy conclusion, but Pakistan held on to avoid defeat in the T20 series as the teams share the spoils at two wins apiece after the first game was abandoned.
New Zealand take unassailable series lead after hard-fought victory over Pakistan
Pakistan slumped to a four-run defeat at the hands of New Zealand despite the efforts of Abbas Afridi and Fakhar Zaman.
The Black Caps took an unassailable 2-1 lead in the five-match T20I series, thanks in the main to Tim Robinson (51) and bowling duo William O'Rourke (3-27) and Ben Sears (2-27) on Thursday.
Set a target of 179 to win, Pakistan looked on their way to victory when Fakhar Zaman got going, but he was eventually dismissed on 61 by Sears.
Abbas took three wickets in New Zealand's innings, yet he could only contribute a single run to Pakistan's cause as the hosts fell just short in Lahore.
Data Debrief
Shadab Khan did not bowl a single delivery for Pakistan, which is the first time that has happened in a completed T20I innings.
He did take an exceptional catch to dismiss Mark Chapman, but it was not enough to inspire Pakistan.
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