Rugby: Australian federation approves "a pathway forward to private equity proposals"

"The Rugby Australia board met last week and has approved a pathway forward to private equity proposals," said Hamish McLennan, president of the governing body, to the daily newspaper The Australian on 07/03/2021.

This decision can be explained by the complicated financial situation of the Australian body which, despite a new TV agreement with Nine (see below), has seen its main sponsor, the Australian airline Qantas, terminate its agreement at the end of the 2020 season (23/09/2020) and has already taken out a long-term loan of AU$14.2m (€13m) with World Rugby on 14/05/2020. "Rugby Australia reported a provisional AU$9.4m (€5.2m) deficit but with the audit of its 2019 financial records unable to be completed amid the Coronavirus pandemic gripping the world, the organisation could not publish its annual report and financial results," said the body on 30/03/2020.

The private equity funds Silver Lake, already in discussion with New Zealand Rugby (see below), and CVC Capital Partners, which has an interest in Premiership Rugby and Guinness Pro14 among others, would be in the line-up, as…