New Zealand Rugby (NZR) has made the decision to postpone the motion for approval of the Project Future investment proposal with Silver Lake until after its Annual General Meeting (AGM).
NZR will hold its 130th AGM which will be held in Wellington on Thursday 28 April and had planned to include a motion for the approval of the Project Future investment proposal.
NZR Chief Executive Mark Robinson said after extensive discussions with members the Board had agreed not to include the Project Future motion at the AGM after a request for more information from its Provincial Unions.
“Discussions have been progressing positively with our members since they were presented with the PWC report last month, but they have asked for more time to discuss some key areas of the overall deal structure and we understand that request. We want to ensure members have all the details before ultimately seeking their approval,” Robinson said. “We are hopeful this delay will not be a long one, and that we can facilitate a Special General Meeting in coming weeks to finalise the Project Future investment proposal and move forward with our intended plans. As we have said before, we want to get this right and to do that we are willing to afford our members as much time as possible to be comfortable with our proposal, given its significance and importance to rugby.”