A combination of private investors and local provincial rugby unions has been granted a five-year licence to run Super Rugby defending champions the Highlanders.
A South Island private investor group, headed by Dunedin businessman Matthew Davey, will hold a 77 per cent stake until 2020 while the Otago, Southland and North Otago unions hold a 13 per cent share.
New Zealand Rugby will retain a 10 per cent share for the first two years.
"The Highlanders are now well placed to face the future with renewed confidence and build on what has been a very successful year on the field," said NZ Rugby chief executive Steve Tew.
"The investor group brings considerable commercial experience, particularly in the sports consumer marketing area and they have great knowledge of the business of rugby."
The investor group described it as an opportunity to good to pass up.
"We see this as a good business opportunity, but equally we have a strong emotional attachment to the South and for me in particular, the Highlanders," said Matthew Davey on behalf of the group.
"They've been my team from the very early days of Super Rugby but it's also fair to say that we've been impressed with the work and results that Roger Clark, Jamie Joseph and the previous Highlanders board have achieved, in building the Highlanders up to a point where a group such as ours would be interested.
"We are an experienced, well-resourced, innovative group and we look forward to a long and successful partnership with rugby in the South and it's certainly our ambition to build on the strong base that New Zealand Rugby has entrusted us with."
The announcement completes a process that started in December 2011 to award licenses to operators of all five Investec Super Rugby teams.
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