"These new arrangements are a step forward in terms of putting Super Rugby on a stronger financial footing to ensure the game at the professional level is better placed to prosper and deliver for its fans,'' said NZRU chief executive Steve Tew.
For the Blues, options were being considered both regionally and internationally and the franchise required more time to consolidate a final bid.
The NZRU will retain full ownership of the franchises, the contracting process and coaching appointments.
Investors will get to select, market and manage their team as well as lobby for players outside New Zealand if that works in tandem with the sport's governing body.
An initial expression of interest was also received for the Chiefs.
"However, it is disappointing the Chiefs were not able to finalise a bid," said Tew. "A new, commercially-focused board has been appointed by the NZRU to build on the great success the Chiefs enjoyed this year both on and off the field."
- APNZ/nzherald.co.nz