Former All Black Conrad Smith has lauded the $300 million Silver Lake investment in NZ rugby, finally confirmed, after often-bitter negotiations played out in public over the past 12 months.
The midfield icon - an two-time Rugby World Cup winner and lawyer - joined former All Blacks captain Richie McCaw as player representatives during conversations with the US private equity company, as it sought a stake in one of international sport's most recognisable brands.
Initially, players dug their heels in against the investment, fearing foreign stakeholders would compromise the culture and heritage of NZ rugby.
"When you look at it, a new deal has been put on the table," Smith has told AM. "To their credit, Silver Lake listened to a lot of the concerns that, not just the players, but also a lot of people around New Zealand had with the original deal.
"They listened and came back with something that appeased a lot of the concerns, and what we're looking at now is pretty exciting and monumental, in terms of selling off equity in NZ rugby.
"It's come about from a lot of hard and challenging conversations, but sometimes that's what you need for a good deal and that's where we're at now."
The deal, which must still be ratified by provincial unions and the Māori Rugby Board, will see Silver Like contribute $200m into a new commercial entity - NZR CommercialCo - that will include all revenue-generating assets of NZ Rugby, with another co-investment of $100m offered to NZ-based investors later this year.
The three partners - NZ Rugby, Silver Lake and the NZ Rugby Players Association - will also establish a 'Global Rugby Opportunities' fund to explore opportunities in rugby outside New Zealand.
"It was a little bit tense at times and it played out in public, which - in hindsight - is never a great thing, but it's people that care - myself and Richie and a whole bunch of former players," Smith tells AM. "We weren't a party to the agreement, but we were involved because we care about the future of NZ rugby, the same as millions of people around New Zealand.
"That's what brought out the feeling - people wanting the best for NZ rugby - and there were different opinions about how to achieve that and sometimes that takes a bit of pain to find a resolution.
"I think what we can look forward to now is something pretty exciting."
The investment is heralded as a gamechanger for all levels of the sport in New Zealand, which has suffered financially during the COVID-19 pandemic.
Smith spoke to AM from New Plymouth, where he is preparing for a fundraising bike ride for So They Can, a charity promoting international educational and empowering opportunities.
Originally intended for the postponed Lake Taupo Cycle Challenge, the journey around Taranaki countryside has taken on added significance with the recent death of Smith's father, who enjoyed riding the same route.
"It should be a great day."
