Board of Directors of New Zealand Rugby and New Zealand Rugby Players’ Association recognizes partnership with Silver Lake

Boards of Directors New Zealand rugby(NZR) and the New Zealand Rugby Players’ Association (NZRPA) today endorsed the partnership between Silver Lake, NZR and NZRPA, which aims to provide capital to invest in all levels of the sport and support the development of new capabilities. In search of new global opportunities driven by digital technologies.

The deal marks the beginning of a transitional phase for the game in New Zealand and will enable all parties to pursue new and exciting opportunities for rugby. Under the terms of the agreement, subject to the approval of the provincial associations and the M? Ori Rugby Board, Silver Lake will invest NZ $ 200 million in a new business venture in which all of NZR’s revenue-generating activities will flow. NZ $ 100m additional joint venture will be offered to New Zealand-based institutional investors by 2022. Silver Lake, NZR and NZRPA will create “global rugby opportunities” to jointly invest in rugby-related businesses outside New Zealand. .

Stewart Mitchell, Chairman of the NZR Board of Trustees, said: “We are very pleased with the milestone we have reached in building this partnership in our distinguished role as defenders of our national sport. I must acknowledge this journey. But the good of the game has always been at the center of the process.

David Kirk, chairman of the NZRPA Board of Trustees, said: “This partnership is the result of lengthy and thoughtful discussions and has been recognized by the NZRPA Board. This is a critical moment for rugby in New Zealand. The proposed investment provides an opportunity and a natural path for the people of our country to share in the benefits of the development of rugby over time.

Mark Robinson, CEO of NZR, commented: “This partnership offers a tremendous opportunity to safeguard the future of rugby and to unleash its true potential. Increasing. “

Rob Nicole, NZRPA’s CEO, reaffirmed the club’s support: “NZRPA is pleased to be joining the club and what it means for the future of rugby. Silver Lake has shown great sincerity in building and commitment to concluding the contract in the right terms. Believe that Silver Lake is the right partner for the investment. “

Sarah Hirini, NZRPA Board Member and Captain of the Black Ferns Sevens, said: “This proposal brings new investment and potential in the sport and helps us seize some exciting new opportunities, especially 2022” is an extraordinary year for women’s rugby. There is a lot of change going on in rugby around the world, and this partnership holds us back. “

NZRPA Board Member and All Blacks Captain Sam Kane added: “We are delighted with this deal and hope it will be an extraordinary outcome for rugby at all levels. That’s a big step for the game. “

Simon Patterson, Managing Director, Silver Lake, said: “New Zealand has an extraordinary history of rugby success, a rich tradition and a culture of leadership, content and team spirit. Silver Lake is fully involved in rugby in this country. . “

Stephen Evans, Managing Director, Silver Lake, added: “Digital technologies are transforming all sports, and we plan to use our resources and international network to innovate and exploit opportunities in New Zealand rugby.”

In summary, the Association includes the following, subject to the necessary approvals:

• NZR CommercialCo will be created under the control of NZR, which will consolidate all of NZR’s revenue generating businesses.

• Silver Lake will invest NZ $ 200 million in NZR CommercialCo in the form of a NZ $ 3.5 billion, low-interest permanent convertible bond that will be converted into ordinary equity capital after three years.

• Then in 2022, New Zealand-based institutional investors will be offered additional collateral, allowing domestic capital to participate in the investment. A minimum of 62.5 million NZD will be provided and up to 100 million NZD will be available if the parties agree. Silver Lake will finance this institution if the syndicate of investors does not pay the full subscription.

• Upon completion of the additional joint venture, Silver Lake proposed to hold 5.71% and 8.58% of NZR CommercialCo (NZD $ 200 million to $ 300 million, depending on capital requirements and commitment of New Zealand-based institutional investors), 10-15% more than before.

• This is an increase in the rating of the previous proposal based on improved financial forecasts for broadcasting and sponsorship, which will allow the NZR to raise substantial sums when selling a small stake in the company and, in this way, lay a solid financial foundation for your investment needs and game.

• Silver Lake, NZR and NZRPA jointly invest in the global rugby and rugby-related technology business through “Global Rugby Opportunities” (GRO), where NZR and NZRPA receive 15% (50/50 share) of GRO’s revenue based on sporting knowledge and relationships with other parties. In return for your contribution.

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Under the terms of this agreement, the protections and restrictions for the NZR will remain the same as previously agreed. Silver Lake will retain full control of the NZR rugby and trading strategy of which it is a minority partner. The new NZR CommercialCo’s board of directors will be governed by the NZR and will have a new independent leader and other independent directors to ensure top-level corporate governance while providing the business vision needed for NZR CommercialCo to succeed. Business for everyone interested in rugby in New Zealand. The NZRPA will sit on the NZR Council.

Separately and subject to agreement, NZR and NZRPA have agreed to the terms of the new collective bargaining agreement, which will continue the existing revenue sharing agreement and govern the new relationship between NZR, players and NZR CommercialCo. In addition, the NZR will conduct an independent review to ensure that its corporate governance structures and processes are in line with the scope of this new phase. NZRPA will review its corporate management and its module structures by 2022 as part of its strategic and business planning.

ANearby NZR

New Zealand Rugby (NZR) is a New Zealand sports governing body that aims to promote and unite people through rugby. The NZR has an important responsibility to guide, support, promote and promote rugby at all levels, from the grassroots to the black teams represented.

About NZRPA

The New Zealand Rugby Players’ Association (NZRPA) was established in 1999 by New Zealand professional rugby players as their independent representative body. Through NZRPA, players will find solutions to issues that are important to those who play in conjunction with the management of the game and to the continued development of the game. , Including negotiations on a Joint Employment Agreement (CEA) between professional players and rugby New Zealand, super rugby clubs and provincial associations. The main focus of NZRPA’s mission is to encourage, educate, challenge and support players in their personal and professional development both on and off the field, helping them thrive in all aspects of their lives. “Through NZRPA, the individual and collective roles of players in professional rugby are defined and implemented.” NZRPA is a founding member of the New Zealand Athletics Association, International Rugby Players and World Players Association.

ANearby Silver Lake

Silver Lake is a global technology investment firm with over $ 90 billion in joint assets management and capital, with a team of experts based in North America, Europe and Asia. The companies in the Silver Lake portfolio collectively generate more than $ 227 billion in annual revenue and employ more than 567,000 people worldwide. To learn more about Silver Lake and its portfolio, visit its website at silverlake.com.

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