All Blacks haka Photo: photosport
New Zealand Rugby says it is "left with no option" but to launch legal action against global petrochemical company INEOS over what it says is a breach of sponsorship agreement.
In a statement to RNZ, NZ Rugby alleged the company owned by British billionaire Sir Jim Ratcliffe had ended its six-year sponsorship deal, estimated to be valued at 22 million pounds ($NZ48.2m), which began in 2022.
"New Zealand Rugby (NZR) is disappointed that INEOS has breached its sponsorship agreement. Most recently, it failed to pay the first instalment of the 2025 sponsorship fee, confirming its decision to exit our six-year agreement," the statement said.
"Having learned of INEOS' decision to walk away three years early, we have moved to protect the interests of New Zealand Rugby and the wider game. We have been left with no option but to launch legal proceedings to protect our commercial position.
Cam Roigard of New Zealand warms up. Photo: PHOTOSPORT
"NZR is actively pursuing new commercial opportunities and global interest in the All Blacks and other Teams in Black remains high. We are committed to being world-class on and off the field and deliver unique value to sponsors through our iconic brands."
The apparent collapse of the sponsorship deal comes at a challenging financial time for NZ Rugby and the global game.
At last year's annual meeting, the national body announced a loss of almost $9 million for the financial year.
The All Blacks' premier jersey sponsor - industrial service provider The Altrad Group - has a six-year sponsorship deal which also began in 2022 and is reportedly valued at $120 million.
INEOS deal
NZ Rugby announced the deal with INEOS in 2021.
Scott Robertson head coach of the All Blacks. Photo: Lynne Cameron/ActionPress
The deal saw the All Blacks and Black Ferns join the INEOS stable which included the Mercedes-AMG Petronas F1 Team, the Grenadiers cycling team, Team UK sailing, and football clubs Nice and FC Lausanne-Sport.
Ratcliffe, one of the UK's richest figures, is also a co-owner of English Premier League club Manchester United.
The INEOS logo appeared on the back of the playing shorts and on the front of training jerseys of the the All Blacks, Black Ferns, All Blacks Sevens, Black Ferns Sevens, Māori All Blacks, All Blacks XV and the All Blacks under-20 side.
At the time NZR chief executive Mark Robinson said "to partner with INEOS and be part of such a unique and diverse global sports performance group is an exciting new venture".
INEOS Britannia were winners of the Louis Vuitton Cup Photo: Photosport
Greenpeace criticised the deal urging NZR not to go ahead with it while a public letter by Kiwis in Climate labelled the deal "a backwards step for the All Blacks and New Zealand".
It was co-signed by a several notable New Zealanders, including former All Blacks Bob Burgess and Chris Laidlaw, Sir Bob Harvey, musician Neil Finn, Dame Anne Salmond, climate scientist Dave Frame, former Black Stick Emily Gaddum and Sophie Handford of Schools Strike 4 Climate.
Ratcliffe showed his ruthless side last month when he cut ties with decorated skipper Sir Ben Ainslie from the INEOS British America's Cup sailing syndicate he bankrolls.
