🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Rugby-N.Zealand Rugby offers Super teams $745,000 in short-term support

Published 01/04/2020, 05:05 pm
Updated 01/04/2020, 05:06 pm

WELLINGTON, April 1 (Reuters) - New Zealand Rugby has offered a grant of NZ$250,000 ($149,000) to each of the country's five Super Rugby teams to help them get through the next three months while the game remains suspended because of the coronavirus pandemic.

The intercontinental Super Rugby competition was shut down after round seven when the New Zealand government enforced two weeks of self-isolation for anyone entering the country.

Hopes of putting on a domestic competition foundered when government measures to counter the virus were further tightened, leaving the teams with players to pay but no revenue streams.

"An emergency NZR grant of NZ$250,000 each is to be made available to all Super Rugby clubs for the next three months which is seen as a critical supplement to other financing options or levers being considered by the clubs," NZR chief Mark Robinson said in a statement.

"These decisions are about protecting the core capability of the Super Rugby clubs so that they are ready to hit the ground running if Super Rugby resumes later this year, and also be in a position to revive and participate in Super Rugby in whatever shape it takes in 2021 and beyond."

The Super Rugby competition will revert to 14 teams for 2021 season after the axing of the Tokyo-based Sunwolves with the conference system scrapped and a straight round robin format restored.

Falling crowds and TV audiences have led to speculation that more changes could be made during negotiations for the new broadcast deals, which will start next year.

Robinson also said NZR was forming a working group made up of provincial unions, Super Rugby clubs, the players union and "other key stakeholders" to look at the structure of all domestic competitions for when rugby starts again.

Rugby is New Zealand's national sport but even with the huge success of the All Blacks national team, a relatively small domestic market means the game has often had to survive on a shoestring.

NZR cancelled a raft of this season's lower tier provincial competitions on Monday "to help secure the future of the sport" after the coronavirus lockdown.

All Blacks coach Ian Foster and his staff have taken pay cuts and twice World Player of the Year Beauden Barrett confirmed at the weekend that the top players would soon be following suit.

($1 = 1.6824 New Zealand dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.