The Hurricanes have sold a 25% stake to a Hong Kong-based sports marketing firm in an effort to boost the Super Rugby club’s commercial rights in foreign markets.
Y11 Sport & Media are owners of Welsh rugby club Ospreys and will focus on commercial rights outside of New Zealand and Australia.
Photo: Photosport
“Y11 are a great fit as they share our ambitions and vision, bringing international understanding, expertise and resources that will help propel our club into an exciting new era,” Hurricanes Chairman Iain Potter said in a statement.
The terms of the deal were not disclosed.
The 2016 Super Rugby champions said they had also sold a 12.5% stake to local businessman Richard Mansell.
The Hurricanes are sixth in the Super Rugby standings ahead of Sunday’s away match against Canberra-based ACT Brumbies.
New Zealand has welcomed private investment in its Super Rugby clubs since 2012 but has been more protective of its international assets, including the All Blacks team.
Governing body New Zealand Rugby agreed to sell a minority stake in its commercial business to U.S. private equity firm Silver Lake for $200 million in February but provincial rugby unions have yet to sign off on the landmark deal.
-Reuters
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