Highlanders handed NZRU bailout
Wed, 01 Jul 2009 10:52
The New Zealand Rugby Union will be heavily involved with the Highlanders for the next two years, after the franchise suffered financial difficulties in 2008-2009 and has a projected financial shortfall for 2009-2010
The NZRU will underwrite the financial performance of the Highlanders for the next two years while a number of changes to the governance and operation of the franchise have also been agreed.
The Highlanders' Board will be restructured to include three independent directors appointed by the NZRU, one independent director appointed by the Dunedin City Council and three directors to be appointed by the Provincial Unions within the Highlanders region.
However, this board structure is to be regarded as a transition board for the next two years.
NZRU CEO Steve Tew said these changes are intended to assist both organisations and to improve the on and off-field performance of the Highlanders and ensure that the franchise is operating in a sustainable way.
"We recognise the importance of the Highlanders to rugby in the deep south, and to their many fans. We are delighted that the Dunedin City Council has chosen to be involved and are also pleased with the response of the Highlanders Board to the need for change."
Highlanders Chairman Stuart McLauchlan said he welcomed the changes and was grateful for the continuing support of the NZRU.
"There is a clear desire from all parties involved to make this work," he said.
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