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Photo: RNZ
The New Zealand Rugby Players Association (NZRPA) had suggested two alternative funding models to New Zealand Rugby (NZR), instead of the proposed Silver Lake deal which it said carried "a very high level of financial risk".
The Silver Lake deal would give the equity firm a 12.5 per cent stake in a newly created NZR entity called Commercial LP for $387.5m, which would control NZR's commercial interests, including merchandising and ticketing.
"The numbers don't add up to make New Zealand Rugby profitable at least until 2025 and if you want to believe it is profitable after that you have to believe that 100 percent of the growth initiatives that Silver Lake and New Zealand Rugby believe are coming through do come through," Kirk told

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