Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Hurricanes first off the block to settle franchise ownership

Hurricanes first off the block to settle new franchise ownership

By Paul McBeth

Nov. 12 (BusinessDesk) - The Wellington-based Hurricanes Super rugby franchise is the first to settle with a new owner 10 months after the New Zealand Rugby Union put out the call for potential bidders.

The new entity, Hurricanes Investments LP, will be half-owned by the Wellington Rugby Football Union, a quarter held by former Brierley Investments boss Paul Collins, and the remainder divvied up between Wellington Phoenix operators Welnix and interests associated with Liz Dawson and Colin Oldfield, the NZRU said in a statement. The franchise runs for three years, with a five-year right of renewal. No value was given for the franchises.

The Canterbury-based Crusaders have agreed in principle on a licence arrangement, while the Auckland-based Blues have been given more time with international and regional bids made. The Waikato-based Chiefs failed to put forward a final bid.

"This move gives the game at the professional level a better chance to be run profitably, to build on its appeal to fans, and to enhance its ability to feed a winning All Blacks team," NZRU chief executive Steve Tew said. "This was always a step into the unknown so to have secured two new operators is a good result."

The national sports administrator has been looking at ways to make the game more profitable, as provincial unions face the squeeze from dwindling attendance and, in some cases, poorly managed finances.

The NZRU embarked on a programme of selling the franchises after financial reviews found extra investment was needed to ensure the sustainability of the Super level of rugby.

Franchise holders will be responsible for the management of the team, marking and promotion of matches and will keep gate takings and some sponsorship income. The NZRU will retain ownership of the brands associated with each team and continue to pay for player and coach contracts and international travel through the SANZAR body.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news