CHRISTCHURCH (REUTERS) - New Zealand Rugby's NZ$200 million (S$185 million) deal with US private equity firm Silver Lake has been delayed after the country's provincial rugby unions requested more information, the governing body said on Thursday (April 14).

NZR chief executive Mark Robinson said the NZR board had agreed not to include a motion on the deal on its agenda for its annual general meeting on April 28.

Robinson said discussions had been progressing positively but the provincial unions had asked for more time to discuss key areas of the overall deal structure.

"We want to ensure members have all the details before ultimately seeking their approval," Robinson said in a statement.

"We are hopeful this delay will not be a long one, and that we can facilitate a special general meeting in coming weeks to finalise the Project Future investment proposal and move forward with our intended plans."

The deal, which values NZR's commercial assets at NZ$3.5 billion, would see Silver Lake take 5.71-8.58 per cent of a new entity called "NZR CommercialCo" following an additional co-investment offered to New Zealand institutions later in the year.

NZR requires the support of the majority of the country's 26 provincial unions for the sale to go ahead.

The governing body has already secured agreement from the players union to sell a minority stake in its commercial business to the private equity firm.

The provincial unions stand to receive reduced distributions compared to Silver Lake's previous NZ$387.5 million offer for a 12.5 per cent stake a year ago, which was ultimately rejected by the players union.

Though the All Blacks are a global brand and commercial powerhouse, provincial rugby has drained NZR's coffers in recent years and been hit hard by the Covid-19 pandemic.