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The owners of Manchester United INEOS and New Zealand Rugby have reached the settlement agreement on Monday after their sponsorship contract.
In February, New Zealand Rugby launched a legal action for alleged breach of the contract and claimed that the producer of global chemicals – owned by the British billionaire Sir Jim Ratcliffe – left a six -year agreement signed in 2021 and for operation since 2022-2027.
Ineos informed them in January about his intention to leave the agreement that had their branding on the back of the shorts and on the front of the training jerseys for all blacks and other national male and female rugby teams.
The NZR statement at that time is: “New Zealand rugby is disappointed that Ineos violated its sponsorship agreement. For the last time, the first sponsor fee repayment was not paid and confirmed its decision to end our six -year agreement.
“When we learned about the decision to leave three years earlier, we moved to protect the interests of New Zealand and wider games. We were not left other than to initiate legal proceedings to protect our commercial position.”
Sir Jim Ratcliffe is the owner of Global Chemicals Ineos producer
Ineos replied by saying that discussions with New Zealand rugby tried to adjust sponsorship in terms of cost savings.
Details of the settlement agreement with both parties on Monday remain confidential, but in statements in New Zealand rugby and Ineos stated that both organizations were satisfied with the result and acknowledged the desire to proceed.
The news came after Ineos supported the British US Cup last year, but announced in January that she had divided with Captain Ben Ainslie’s crew, who lost 7-2 into New Zealand in the final series.
Ratcliffe bought a minority stake worth 1.25 billion GBPs to buy 27.7 % of the share in Manchester United last year, which increased to 28.94 % – another 79 million GBP – in December.
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