New Zealand Rugby is launching legal action against British chemicals giant Ineos, accusing the company of walking away from a sponsorship deal.
Owned by billionaire Jim Ratcliffe, who has a reported net worth exceeding $15bn, Ineos has stakes in a string of prominent sporting brands including Manchester United, Mercedes Formula 1 and the Ineos Grenadiers cycling team.
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Ineos has been one of the All Blacks’ major sponsors since signing a six-year deal for an undisclosed sum in 2021.
On Tuesday, a New Zealand Rugby statement confirmed Ineos had “breached its sponsorship agreement” by failing to stump up with “the first instalment of the 2025 sponsorship fee”.
“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.”
New Zealand Rugby are “actively pursuing new commercial opportunities” but this comes as a setback to the union’s efforts to recover from the R490m loss suffered during the 2022 financial year.
© Agence France-Presse
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New Zealand Rugby is launching legal action against British chemicals giant Ineos, accusing the company of walking away from a sponsorship deal.
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