New Zealand Rugby (NZR) has sold its 40 percent share in the Blues Super Rugby side to a consortium of prominent Kiwi businesspeople.
In 2018, the Blues' previous private owners sold their share in the Auckland-based side to NZR, with the remaining 60 percent stake shared between the Auckland, North Harbour and Northland unions.
The consortium, named 'The Better Blues Company Limited', of 12 investors has been formed with the specific intention of purchasing the 40 percent share in the organisation.
"The Blues is an organisation which is now populated by excellent people under the leadership of CEO Andrew Hore," spokesperson John Hart says.
"We see our role as providing stability, support and continuity to the existing Board and management.
"We look forward, as long-term investors, to working with the Blues board and management alongside our fellow provincial union shareholders Auckland, North Harbour and Northland, and doing all we can in supporting the growth of rugby in the region."
Blues chairman Don Mackinnon welcomed the sale, and the interest shown by the consortium.
"The Blues are delighted to have attracted such a respected group of investors who include some of the leading business people in this country," he says.
"Their decision to make such a significant investment in the club shows the progress we have made on and off the field and the confidence in the direction in which we are heading.
"This is further reason to be excited for the future of this club."
The deal will be officially signed off in the new year, with minor transactional practices to be completed.
