Hurricanes Sold to NZ Sport Investment Joint Venture
TL;DR
The Hurricanes rugby franchise in Wellington has been sold to a joint venture, with NZ Sport Investment acquiring a 50% stake to address financial losses and boost competitiveness.
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The Hurricanes rugby franchise in Wellington, New Zealand has been sold to a joint venture between property developer Malcolm Gillies and Porirua-based Summit Capital. The deal sees NZ Sport Investment (NZSI) buying a 50% stake in the franchise, alongside New Zealand Rugby (NZR) and existing shareholders. The move comes after years of financial losses, with the franchise set to post a loss of $2 million for the last financial year. NZSI is committed to ensuring the Hurricanes remain competitive, while also improving the franchise's financial performance and supporting its programmes.
