New Zealand Rugby announces record revenue with Silver Lake 'reserves' strategy

New Zealand Rugby (NZR) announced an operating profit of NZD $700,000 and a net loss of $7.5 million at the governing body’s AGM earlier this month in Wellington.

The operating profit is the result of a record $304.2 million in revenue, up from $285.2 million in 2024, while expenditure rose to $311.7 million, up from $304.7 million in 2024.

The $7.5 million net loss is part of NZR’s strategy to boost investment with the “excessive” reserves it received in its deal with private equity firm Silver Lake in mid-2022. The governing body has a figure it intends to maintain in its reserves, and with the remaining money will continue to “run down those reserves in a measured way to invest in the financial growth of the game,” as NZR chair David Kirk told Q+A with Jack Tame following the release of the financial report.

NZR noted a “challenging economic backdrop” when announcing its results and said the record revenue included the settlement reached with former sponsor INEOS, whom NZR took to court over alleged missed payments.

“It was a challenging year globally and domestically, and those economic headwinds have only strengthened so far in 2026,” Kirk said in NZR’s official statement. “Prudent financial management and an ongoing focus on growing our commercial revenue so we can invest in our game remains New Zealand Rugby’s focus.

“At a strategic level, the refreshed all-of-game strategy has provided a clear, unified direction that aligns the game behind clear community, high performance and commercial priorities.

“The consolidation of NZR and NZRC under one Chief Executive and Executive team is enabling the organisation to be more efficient, collaborative and accountable.”

The pillars of New Zealand Rugby’s 2025 strategy were:

• Winning with mana
• Rugby at the heart of our communities
• Loved game, loved brands
• Unleashing rugby’s commercial potential
• Enhancing the welfare of our players
• Thriving people, thriving game
• Leading through technology

The first four were defined as “priorities” while the last three were defined as “enablers”. Kirk said NZR had been dedicated to delivering on that strategy.

“The rugby system in New Zealand is highly interdependent – to have our Teams in Black winning, we need a thriving community game, supported by aligned stakeholders and a successful, financially-sustainable business. The work we did in conjunction with NZR management, the Stakeholder Panel and the wider game landed us with a strategic framework in which everyone working within the game is accountable for its progress.”

The AGM also saw former Black Fern Erin Rush elected as NZR’s first female president, succeeding ex-All Black Matthew Cooper in the role. Adding to the excitement for Rush’s family this week is the news her son, Stanley Solomon, has been named for a potential Super Rugby Pacific debut off the bench for the Highlanders against his hometown Hurricanes in Wellington.

“Erin has been a wonderful ambassador during her time as vice president,” Kirk said. “Her confirmation as president aligns with the continuing growth and contribution of women in rugby, and we know she will keep representing both NZR and the game with distinction.”

Kirk said Coooper had “brought incredible energy to his role, displaying a genuine love of the game and incredible ability to connect with people” while living and breathing the values of NZR.

The New Zealand Pasifika Rugby Council was officially welcomed as an affiliated body at the AGM, following its ratification last December. Members voted in favour of amending the NZR constitution to facilitate the council’s inclusion, with the council now holding two votes.

The AGM was new NZR CEO Steve Lancaster’s first in charge, and he celebrated the record match-day revenue from Chicago’s ‘The Rematch’ Test against Ireland, and selling out all of the All Blacks home games.

“We believe the game is in really good health,” he said. “Last year, we made significant investment into the community game to the tune of $40m, we welcomed two fantastic new official partners, seven All Blacks matches were sold out, digital engagement grew for our Teams in Black and we saw match attendance for Super Rugby Pacific and NPC increase year-on-year.”

Lancaster went on to add: “As a business, we have a growing familiarity with the all-of-game strategy and what we want to deliver. Our new Chief Financial Officer and Chief Commercial Officer are providing great leadership in their respective areas.

“The recent Super Round has shown the appetite and engagement for the game, and we expect this to continue with milestone years ahead for both the NPC and Heartland Championship. On the international stage, the Black Ferns are undefeated in winning the Pacific Four Series and O’Reilly Cup, our Sevens sides are in pursuit of the SVNS World Championship, and the Nations Cup and Rugby’s Greatest Rivalry are highly anticipated fixtures for the All Blacks.

“We feel that we have made great progress on the shape of the game in the last 12 months, although we acknowledge there are areas for improvement. With the all-of-game strategy in place and increased collaboration across the game, we are excited about the rest of 2026 and what’s to come.”