New Zealand franchises may be up for sale

WELLINGTON (Reuters) - New Zealand's five Super rugby franchises could be sold under a plan being considered by the country's governing body.

The New Zealand Rugby Union (NZRU) has begun discussing the possibility of using private investors to fund the teams currently based in Auckland, Wellington, Canterbury, Otago and Waikato.

"This is the future," NZRU chief executive Steve Tew told the Sunday Star-Times.

"It's something we will work on in the coming years, because the reality is New Zealand rugby is undercapitalised."

Tew told the newspaper the plan was still in its infancy and the NZRU was adopting a cautious approach to the best way forward.

But he said the NZRU would retain a "golden share" to control some aspects of the proposed sale, including preventing owners from selling off existing parts of the teams.

"The value of New Zealand rugby is immense," he said. "At some stage we have to find a better way of cashing in on it."