NZR bail out Hurricanes as club's financial structure gets major overhaul

Wellington Rugby and the Hurricanes have confirmed a significant restructuring of ownership and governance, with New Zealand Rugby (NZR) stepping in to bail them out as part of a wide-ranging refinancing package.

The Canes finished fourth on the 2025 regular season Super Rugby table, the third-highest-ranked NZ side behind the Chiefs and the Crusaders.

However, it’s off the field that the capital club are getting a major financial facelift.

The Wellington Rugby Football Union has sold its 50 per cent shareholding in the Hurricanes to NZ Sport Investment Limited, a joint venture led by Malcolm Gillies and Summit Capital. The move forms part of what WRFU described as a necessary recapitalisation of the Union.

WRFU Chair Phil Holden said the transaction was driven by financial reality. “Selling our shares in the Hurricanes was necessary to recapitalise WRFU. Malcolm and NZSI will bring real energy and focus to the Hurricanes. We are pleased to retain a seat on the Hurricanes board which will ensure strategic alignment between WRFU and the Hurricanes,” he said.

NZR will also become a minority investor in the club and will appoint representatives to both the Hurricanes and WRFU boards. As part of the refinancing, NZR is providing loan facilities and is contributing to a new capital raise undertaken by the Hurricanes.

NZR Chair David Kirk said the assistance reflected the importance of both organisations to the national game. “As we have done previously with other provincial unions and Super Rugby clubs, NZR is providing temporary financial support in the form of loan facilities on acceptable terms and a capital injection we expect to recover, to help both organisations get on a firm financial footing again. This is backed up with governance arrangements to support both organisations in their financial recovery.”

Outgoing Hurricanes Chair Iain Potter said the club’s balance sheet had been under pressure for several seasons. “The professional rugby environment and the economic climate generally, remains challenging and the Hurricanes have not been immune,” he said. “The last few years have been difficult for the Hurricanes financially, with operating losses up to and including the last financial year, where we are likely to post a loss of $2 million.”

Malcolm Gillies has joined the Hurricanes board and will take over as Chair. “NZSI is committed to providing the necessary leadership and resources to ensure the Canes remain highly competitive, but we have work to do to improve the financial performance of the organisation as well as support the growth of the Hurricanes and Poua programmes,” he said.

As part of the transition, outgoing GM Rugby Tony Philp has been appointed interim CEO for the 2026 season. “Tony is a respected member of the New Zealand rugby community, and I’m delighted he has agreed to stay with the club to help us drive the Hurricanes forward in 2026,” Gillies said.

Holden acknowledged the role NZR has played throughout the process. “We have greatly appreciated the support of NZR over the last few months as we have managed the impact of the 2025 result and worked through the shareholding changes.”