The owners of Manchester United Ineos and Rugby van Nieuw -Zeeland reached a settlement agreement on Monday after their dispute over a sponsor contract.
New Zealand Rugby launched legal steps in February due to alleged breach of contract and claimed the global chemical producer – owned by the British billionaire Sir Jim Ratcliffe – ran away from a six -year -old deal that was signed in 2021 and that was signed of 2022-2027.
Ineos informed them in January about their intention to leave the agreement, who had their branding on the back of playing shorts and at the front of training jerseys for the All Blacks and other rugby teams for national men and ladies.
An NZR statement was then: “New Zealand rugby is disappointed that Ineos has broken his sponsorship agreement. The most recently did not pay the first delivery of the 2025 sponsor costs, which confirms that his decision to leave our six-year agreement.
“After we have heard of the decision of Ineos to walk away early for three years, we moved to protect the interests of the Rugby of New Zealand and the wider game. We have not left an option than starting legal proceedings to protect our commercial position.”
Ineos replied by saying that discussions with rugby from New Zealand were sought to adjust the sponsorship as part of cost-saving measures.
Details of the settlement agreement announced by both parties on Monday remain confidential, but in statements New -Zeeland Rugby and Ineos said that both organizations were satisfied with the outcome and recognized the wish to continue.
The news comes after Ineos supported the British America's Cup bid last year, but announced in January that it had broken down with the crew of skipper Ben Ainslie, who lost 7-2 to New Zealand in the last series.
Ratcliffe bought a minority stake for £ 1.25 billion last year to buy a 27.7 percent interest in Manchester United, which was increased to 28.94 percent – another £ 79 million – in December.
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