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New Zealand Rugby and Ineos settle sponsorship dispute / Photo: DAVID GRAY - AFP
NYSE - LSE
New Zealand Rugby and Ineos settle sponsorship dispute
New Zealand Rugby said Tuesday it had reached a settlement with Ineos, the British chemicals giant, after earlier this year accusing the company of walking away from a sponsorship deal.
Owned by billionaire Jim Ratcliffe, Ineos has stakes in a string of prominent sporting brands including Manchester United and the Mercedes Formula One team.
Ineos signed a six-year deal in 2021 to be a major sponsor of the All Blacks for six years.
In February, the governing body said Ineos had failed to pay the first instalment of the 2025 sponsorship fee and legal action would be taken "to protect the interests of New Zealand Rugby and the wider game."
On Tuesday, both parties issued a statement to say the dispute had been resolved.
"New Zealand Rugby and Ineos can confirm that a settlement has been reached between the two parties," a joint statement read.
"Whilst the details remain confidential, both organisations are satisfied with the outcome and acknowledge a desire to now move forward."
The deal had included the display of Ineos branding on All Blacks shorts and their training shirts.
A.Rogen--SMC
