Hurricanes Sold to NZ Sport Investment Joint Venture

The Hurricanes rugby franchise in Wellington, New Zealand has been sold to a joint venture between property developer Malcolm Gillies and Porirua-based Summit Capital. The deal sees NZ Sport Investment (NZSI) buying a 50% stake in the franchise, alongside New Zealand Rugby (NZR) and existing shareholders. The move comes after years of financial losses, with the franchise set to post a loss of $2 million for the last financial year. NZSI is committed to ensuring the Hurricanes remain competitive, while also improving the franchise's financial performance and supporting its programmes.