Silver Lake, a private equity firm, agreed to acquire a 5.7% stake in New Zealand Rugby, a sports team, for $134m. Thanks to the acquisition, Legacy Fund will be established to fund longer term strategic initiatives to ensure the sustainability of all levels of rugby in New Zealand. On May 14, 2021, New Zealand Rugby Players Association opposed the deal and counter-proposed the sale of a 5% stake through an IPO. On December 16, 2021, NZR still hopeful on Silver Lake deal. On February, 2022, the acquired amount dropped from 12.5% to 5.7%. On June 2, 2022, Union vote clears way for private equity investment in New Zealand Rugby.