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All Blacks rugby looking at private equity bids

The All Blacks rugby team is in talks with private equity investors as it struggles with the financial impact of the Covid-19 pandemic.

New Zealand's national treasure has seen its cash reserves slashed by almost half due to lockdowns.

New Zealand Rugby (NZR) said it is now looking at alternative sources of funding, such as private equity.

The move raises the prospect that the famed All Blacks name could be sold to the highest bidder.

On Thursday, New Zealand Rugby chief executive Mark Robinson told the New Zealand Herald that it had burned through 47% of its NZ$86m ($56m; �44m) cash reserves during the pandemic.

NZR were on track to earn revenue of NZ$100m when the sport was suspended during a national lockdown.

"We are open to looking at partners who may invest in New Zealand Rugby," he told the NZ Herald.