New Zealand Rugby has launched legal action against the Sir Jim Ratcliffe-owned IENOS over what it says is a breach of sponsorship agreement.
NZ Rugby announced the deal with INEOS, whose CEO Ratcliffe is also a co-owner of English Premier League club Manchester United, in 2021.
The deal saw the All Blacks and Black Ferns join the INEOS stable of Mercedes-AMG Petronas F1 Team, the Grenadiers cycling team, Team UK sailing, and football clubs Nice and FC Lausanne-Sport.
However, INEOS has reportedly ended its six-year sponsorship deal three years early by failing to pay the first instalment of 2025.
Failure to make first payment
NZ Rugby has since confirmed that they have been ‘left with no option’ but to launch action as they plan to sue Ratcliffe and his company over the deal which is believed to be worth around NZ$8 million (£3.65 million) a year.
INEOS has yet to provide any comment but have removed the rugby section from their website.
“Most recently, it failed to pay the first instalment of the 2025 sponsorship fee, confirming its decision to exit our six-year agreement.
“Having learned of INEOS’ decision to walk away three years early, we have moved to protect the interests of New Zealand Rugby and the wider game.
“We have been left with no option but to launch legal proceedings to protect our commercial position.
“NZR is actively pursuing new commercial opportunities and global interest in the All Blacks and other Teams in Black remains high. We are committed to being world-class on and off the field and deliver unique value to sponsors through our iconic brands.”
Ratcliffe on a cost-cutting spree
Meanwhile, Ratcliffe is fielding major criticism for how is currently running Manchester United. His arrival as a co-owner of the club was initially met with excitement from the fans but more recently it has turned sour for one of the wealthiest men in the United Kingdom.
The club wasted millions on extending the contract of Erik Ten Hag before sacking him a few months later while Ratcliff has gone on a cost-cutting spree ending Sir Alex Ferguson’s ambassadorial role while 250 staff members were made redundant.
He also decreased the value of Christmas bonuses and even cut funding to the Association of Former Manchester United Players (AFMUP), which helps ex-stars who are in need of support.
It is unclear whether United’s situation has anything to do with INEOS’ decision to back out of the sponsorship with the All Blacks and New Zealand Rugby.
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New Zealand Rugby has launched legal action against the Sir Jim Ratcliffe-owned IENOS over what it says is a breach of sponsorship agreement.
NZ Rugby announced the deal with INEOS, whose CEO Ratcliffe is also a co-owner of English Premier League club Manchester United, in 2021.
The deal saw the All Blacks and Black Ferns join the INEOS stable of Mercedes-AMG Petronas F1 Team, the Grenadiers cycling team, Team UK sailing, and football clubs Nice and FC Lausanne-Sport.
However, INEOS has reportedly ended its six-year sponsorship deal three years early by failing to pay the first instalment of 2025.
Failure to make first payment
NZ Rugby has since confirmed that they have been ‘left with no option’ but to launch action as they plan to sue Ratcliffe and his company over the deal which is believed to be worth around NZ$8 million (£3.65 million) a year.
INEOS has yet to provide any comment but have removed the rugby section from their website.
“New Zealand Rugby (NZR) is disappointed that INEOS has breached its sponsorship agreement,” A statement from NZ Rugby to RNZ read.
“Most recently, it failed to pay the first instalment of the 2025 sponsorship fee, confirming its decision to exit our six-year agreement.
“Having learned of INEOS’ decision to walk away three years early, we have moved to protect the interests of New Zealand Rugby and the wider game.
“We have been left with no option but to launch legal proceedings to protect our commercial position.
“NZR is actively pursuing new commercial opportunities and global interest in the All Blacks and other Teams in Black remains high. We are committed to being world-class on and off the field and deliver unique value to sponsors through our iconic brands.”
Ratcliffe on a cost-cutting spree
Meanwhile, Ratcliffe is fielding major criticism for how is currently running Manchester United. His arrival as a co-owner of the club was initially met with excitement from the fans but more recently it has turned sour for one of the wealthiest men in the United Kingdom.
The club wasted millions on extending the contract of Erik Ten Hag before sacking him a few months later while Ratcliff has gone on a cost-cutting spree ending Sir Alex Ferguson’s ambassadorial role while 250 staff members were made redundant.
He also decreased the value of Christmas bonuses and even cut funding to the Association of Former Manchester United Players (AFMUP), which helps ex-stars who are in need of support.
It is unclear whether United’s situation has anything to do with INEOS’ decision to back out of the sponsorship with the All Blacks and New Zealand Rugby.