Ann: Half Year Results - Announcement Date, page-16

More details.

Paywalled: https://www.nbr.co.nz/story/ipo-consideration-part-new-zealand-rugby-private-equity-deal

Silver Lake will invest $200 million in a new commercial entity that will house all revenue-generating assets of NZ Rugby, with additional co-investment of up to $100m to be offered to New Zealand-based institutional investors later in the year.

The revenue-generating assets of New Zealand Rugby include ticketing, merchandise, endorsements and sponsorship. The All Blacks' recent six year sponsorship deal with British petrochemical company Ineos is rumoured to be worth in the vicinity of $8m a year.

Broadcasting rights inside New Zealand are understood to continue with Sky and outside of New Zealand with Sanzaar under the new deal.

Silver Lake will be a minority investor and New Zealand Rugby will retain full control over rugby as well as the commercial strategy.

There are no elements in the contract that will give Silver Lake more equity if New Zealand Rugby fails to hit any set revenue levels.Silver Lake will be a minority investor and New Zealand Rugby will retain full control over rugby as well as the commercial strategy.The new NZR CommercialCo board will be controlled by NZR and will comprise a new