Moana Pasifika will not compete in next year’s Super Rugby Pacific season after New Zealand Rugby rejected multiple bids to save the financially troubled franchise.
According to media reports, the club was placed into liquidation in May after previous owners, the Pasifika Medical Association, said it could no longer fund the team beyond the current season with liquidators confirming the club carries debts of about NZ$8.2 million.
In a statement, New Zealand Rugby (NZR), which holds the competition licence, said it explored several rescue options but determined none met the required commercial standards for long-term sustainability.
NZR Chief Financial Officer Chris Kinraid told media any viable Super Rugby franchise must demonstrate strong financial backing, including more than NZ$10 million in annual commercial revenue, in addition to broadcast income, as well as at least NZ$15 million in committed capital.
“Certain long-term financial requirements could not be met,” Kinraid said.
