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Home / Sport / Rugby / All Blacks

Former All Blacks captain Kieran Read reveals concerns with the Silver Lake deal

Liam Napier
By Liam Napier
Senior Sports Journalist·NZ Herald·
20 May, 2021 05:00 PM8 mins to read

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Former All Blacks skipper Kieran Read. Photo / Getty

Former All Blacks skipper Kieran Read. Photo / Getty

Former All Blacks captain Kieran Read has revealed he contracted Covid-19 in Japan – and expressed his strong desire for New Zealanders to own a slice of their national team as the battleground over the proposed Silver Lake deal rumbles on.

Read is completing his two-week quarantine in Auckland after concluding his decorated career with a six-month stint in Japan where he played for the Toyota Verblitz club that lost their semifinal of the Top League competition.

In an interview with Newstalk ZB, asked about the lay of the land in Japan and whether he thought the Olympic Games should go ahead as planned, the 35-year-old revealed he experienced a minor case of Covid-19.

"My club went through Covid – I had it," Read said. "We had a few weeks of isolation.

"It wasn't too bad - there was a day or so of feeling pretty bad and upset then I came good. Half our team got it and it went round quite a few of the clubs so they postponed the season.

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"It was quite strange, you would expect us all to have the same strain but we didn't know what it was. Some guys lost taste and smell; some had fevers, some were quite mild, some guys it lasted for a week or so, it depended on the person. I was fine after a couple of days.

"The Japanese people are very compliant. I wore a mask for six months, everywhere I went, everyone does that.

"The general feeling is they want the Olympics to go ahead because there's so much invested in it but they understand it's bigger than what it is. The cases in Japan are still going up even now. Every time they have a lessening of the restrictions it seems to pop back up again so it's going to be dealt with up there for a long time I think."

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Kieran Read finished his career with Toyota Verblitz. Photo / Getty
Kieran Read finished his career with Toyota Verblitz. Photo / Getty

Moving on to the furious debate surrounding the proposal to sell 12.5 per cent of New Zealand Rugby's commercial rights to US technology investment giants Silver Lake, Read made it clear he favoured the Players' Association's alternative.

The Players' Association and investment company Forsyth Barr are instead advocating selling a five per cent stake in NZ Rugby's commercial rights via a public share float - an alternate proposal that would raise about $191m-$200m less than the Silver Lake deal.

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Read, the 127-test veteran who captained the All Blacks 52 times, stressed the need to get the decision right.

"I've seen the New Zealand Inc proposal and from New Zealand's point of view you've got to seriously look into it and show a little bit of vulnerability and say perhaps there is another viable option, let's genuinely have a look at it because if we don't have a strong robust debate about the options then we're going to be stuck with one which potentially might not have been the best option," Read said.

"In a big decision you can't be shut off and think this is the one way to go. You've got to look at different perspectives. New Zealand Rugby definitely needs to look at this proposal genuinely not just with a grain of salt. The New Zealand public and fans just want it to be resolved in the best way possible that's going to help everyone in the game here.

"The thing that scares me around Silver Lake is that the 12.5 per cent is going to be given to them forever. That scares me a lot because I know they're looking to grow this game, which is what we want to do, then it's a big chunk of what we're making going into that.

"I look at the New Zealand Inc proposal and I personally like it because it's about Kiwis having a slice of the pie they really care about. Money is a big thing, but it's not the be all and end all. It's making sure we grow the game as best we can. There's only so much money can do. People in New Zealand are willing to do with the most they can with what's given to them."

Kieran Read captained the All Blacks in 52 tests. Photo / Getty
Kieran Read captained the All Blacks in 52 tests. Photo / Getty

The $387 million windfall aside, one of the arguments for the Silver Lake deal is the capability and established contracts the US firm is expected to bring in regards to potentially doubling NZ Rugby's annual revenue through monetising offshore fans.

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Read, however, believes NZ Rugby could instead use the Players' Association proposal to hire that expertise.

"It's giving you a good chunk of money to go out and get these people who can have that reach around the world. That's what Silver Lake are going to do – they're not doing it themselves. They're going out and getting those people. We know how strong the All Blacks brand is, what it can do and the doors it can open, so if you go and leverage it you've got the money to have those conversations if need be."

Despite an extensive process which involved NZ Rugby engaging Jefferies banking group and commissioning an independent PWC report that was presented to the 26 provincial unions, who then voted unanimously in favour of the Silver Lake proposal at the recent AGM, Read believes alternatives were not thoroughly explored.

"The Players' Association probably don't think New Zealand Rugby did their full due diligence and looked at this proposal genuinely prior to signing with Silver Lake. New Zealand Rugby have decided this is going to give us the most money so go with this. The big thing here is making sure they sit down and trust each other to be honest. The only way to do it is sitting down and making sure you grind it out with each other. Hopefully that's going to happen."

At heart of the ugly, ongoing public standoff between NZ Rugby and the Players' Association is a feeling the players were not included early enough in the process.

"It's pretty easy to see that's how it should have been done," Read said. "That's how it's supposed to be done in terms of the collective and it would probably have stopped all this airing of the laundry out in the public and potentially offered New Zealand Rugby some genuine options they could have looked at before going down this pretty long tunnel of Silver Lake without all these different options that could have come their way."

Former All Blacks skipper Kieran Read. Photo / Getty
Former All Blacks skipper Kieran Read. Photo / Getty

Through their collective bargaining arrangement, the Players' Association now effectively have power of veto over the Silver Lake proposal.

"People are going to look at the grassroots side of the game and think how can we look after that," Read said. "The great thing is, yes, money is going to help the grassroots game, but we just need to understand that both proposals will do that and then it's about the people involved in those situations and creating a great plan for New Zealand rugby and making sure it's going to be viable going forward.

"That's where I see New Zealand growing. We've got to grow our game here internally and then the money will come in from what happens offshore, but having a strong sense of who we are in New Zealand is what's going to be the measure of our success from my point of view."

On Thursday, NZ Rugby's 26 provincial unions issued a letter that reaffirmed their unanimous support for the proposed Silver Lake deal.

The letter said: "The proposed Silver Lake deal stood out as it meets all of the objectives; strategic capability, enhances growth and takes advantage of global revenue opportunities, helps build a legacy for rugby with the establishment of a Legacy Fund that will grow to over $200m in the next couple of years, boosts NZR reserves through a cash injection, and provides a funding distribution to stakeholders

"It should be noted that NZR ran a robust consultation process prior to the vote at the AGM which spanned a number of months, with considerable information provided during due diligence. Steerco, the group charged with leading Project Future, has both NPC and Heartland CEO and Chair representation.

"We recognise the decision is critical in securing the long-term future of rugby in our country and as a group we remain united in ensuring any decision that is made is to ensure the best outcome for Rugby Inc. To this end we fully support the NZR board and management leading any further discussions with Forsyth Barr and the RPA."

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