Shore's wealthy asked to buy into Blues

John Morgan. Photo / NZPA

The North Shore's wealthier citizens are being asked to pay for the North Harbour Rugby Union's stake in the Blues Super Rugby franchise.

The financially-challenged union has launched an endowment fund and is calling for donations of up to $20,000, with the money to be used to fund the union's purchase of a 17.64 per cent stake in the Blues.

Donors who put in enough to qualify for gold ($20,000) or silver ($10,000) status will receive season tickets to the Blues and North Harbour games, corporate box seats and acknowledgement on the union's honours board and annual report.

The union is attempting to raise $500,000 for a purchase that will make it the third biggest shareholder in the Blues Limited Liability Partnership - which will receive a seven-year licence to operate the franchise in the Super rugby competition - behind private investor Murray Bolton (40 per cent) and the Auckland Rugby Union (38.88 per cent).

North Harbour chairman John Morgan confirmed that $200,000 needed to be raised by September 1. The commitment could rise to $500,000.

A stake in the Blues was considered vital to the union's future as without it Harbour would have no direct link to professional rugby.

The union canvassed members at its 2011 AGM and the feedback was strongly in favour of buying into the Blues.

It was not a case of North Harbour being asked to buy into something it already owned. Previously a stakeholder in the Blues but with no real clout at the boardroom table, Harbour would become a "bona fide shareholder".

Harbour officials also believed the new ownership structure had the potential to provide significant financial returns, which would be channelled into community rugby.

Auckland Rugby Union had no plans to raise private funding. ARU chairman Glenn Wahlstrom said its investment in the Blues would be funded "through its balance sheet".

Northland Rugby Union has opted out of buying into the franchise, but will hold a 3.48 per cent stake it received when the private equity model was agreed.

Team players

New ownership structure

• Bolton Equities - 40 per cent
• Auckland Rugby Union - 38.88 per cent
• North Harbour Rugby Union - 17.64 per cent
• Northland Rugby Union - 3.48 per cent