NZR will become a minority investor in the Hurricanes and the WRFU, taking board seats across both organisations, but chairman David Kirk said the financial support would be temporary.
“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,” Kirk said.
“This is backed up with governance arrangements to support both organisations in their financial recovery.”
Outgoing chairman Iain Potter said the club’s financial situation had been challenging.
“The professional rugby environment and the economic climate generally remain challenging and the Hurricanes have not been immune,” said Potter.
“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 $2m.”
As part of the restructuring, outgoing general manager of rugby Tony Philp has been appointed interim chief executive to provide stability into the 2026 season, replacing Avan Lee, who announced last month he would stand down after 10 years at the helm.
