- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
RBGPF | 4.79% | 63.86 | $ | |
NGG | 0.5% | 70.022 | $ | |
CMSC | 0.18% | 24.765 | $ | |
BP | 2.18% | 32.091 | $ | |
RELX | -0.18% | 47.375 | $ | |
SCS | -1.58% | 13.28 | $ | |
RYCEF | -0.14% | 7.04 | $ | |
GSK | -1.2% | 40.395 | $ | |
CMSD | 0.32% | 24.86 | $ | |
BTI | -0.58% | 36.37 | $ | |
AZN | 0.96% | 78.665 | $ | |
VOD | -0.86% | 9.935 | $ | |
BCC | -0.05% | 140.915 | $ | |
BCE | 0.09% | 34.83 | $ | |
RIO | -0.16% | 71.055 | $ | |
JRI | -1.03% | 13.53 | $ |
NZ Rugby to vote on controversial $134mn US private equity deal
The fate of New Zealand Rugby's contentious deal with a US private equity firm should be known within a month, after a special general meeting was called by the sport's bosses on Wednesday.
New Zealand Rugby members have been asked to vote on the proposed investment from Silver Lake at the meeting in Auckland on June 2.
Chief executive Mark Robinson is anxious it be approved to bring economic muscle to match the northern hemisphere nations.
The deal, which has been divisive since first mooted nearly two years ago, has changed in nature.
The latest iteration would see Silver Lake put NZ$200 million (US$134 million) into a joint commercial entity, which would remain majority-owned by NZR.
Institutional investors would be given the opportunity to purchase a further NZ$100 million stake later this year, although New Zealand Rugby would retain ownership of around 90 percent.
However, it needs to be ratified by the country's 26 provincial unions, who asked for more time to evaluate the proposal.
The unions previously approved a more substantial deal, selling a 12.5 per cent stake to Silver Lake for NZ$387.5 million but that proposal failed to win the backing of the Rugby Players' Association, who feared it risked tarnishing the famed All Blacks' legacy.
It has been reported that the unions want a cap removed on the funding they can receive from commercial income.
New Zealand Rugby described the deal as "transformational" for the cash-strapped body, ensuring financial stability and providing money for priorities such as women's and grassroots rugby.
"This partnership presents rugby with an extraordinary opportunity to secure its future and unleash its true potential -- we are truly excited by what we can achieve together with Silver Lake's world-class capabilities," Robinson said when the new proposal was announced in February.
At last month's NZR annual meeting, Robinson said the delays in finalising the deal raised the risk of New Zealand falling behind the northern hemisphere unions who have already received lucrative private equity investment.
M.Anderson--CPN