California’s Silver Lake takes $134 stake in NZ’s rugby

WELLINGTON, New Zealand (AP) — California-based investment company Silver Lake Partners has agreed to buy a stake in the commercial operations of New Zealand’s governing rugby body, which includes the famous All Blacks national team. New Zealand Rugby said Silver Lake will invest $134 million to set up a new commercial entity “that will house all revenue-generating assets” of NZR. The deal has been given approval by the New Zealand Rugby Players’ Association, which had initially opposed the partnership fearing excessive influence of the American firm over the All Blacks. In a concession to the players’ body, New Zealand institutional investors will also be able to take a stake of up to $67 million in the new company later this year.