Moana Pasifika is in liquidation and the team will play its last Super Rugby game on Saturday. Photo \/ Brett Phibbs, Photosport<\/p>\n
Stephen White and John Fisk, both senior managing directors of Teneo Financial Advisory, were appointed liquidators on Monday by a special resolution of Moana Pasifika shareholders.<\/p>\n
White said he is still working through the company information, but that there don\u2019t appear to be significant assets in the company.<\/p>\n
He said staff, including players, total between 75 and 80; he confirmed that most players\u2019 contracts run until the end of October 2026, but a handful run until October 2027.<\/p>\n
New Zealand Rugby spokesman Paul Stevens confirmed that while Moana\u2019s players are privately contracted to Moana Pasifika, NZR will continue to cover the squad\u2019s pay until roughly the end of July, in order for the season to be completed.<\/p>\n
The unpaid portion of their contracts will likely make them creditors.<\/p>\n
Despite the liquidation, NZR indicated that it retains some hope that the Moana Pasifika brand and licence can be carried forward.<\/p>\n
The team\u2019s brand and intellectual property sit within the liquidation process and will be sold if a buyer can be found.<\/p>\n
The ability to grant a team licence sits with NZR.<\/p>\n
In a written statement, NZR said: \u201cThere continues to be parties interested in the future of Moana Pasifika. To be granted a licence to compete in the competition, those parties are required to present a long-term business plan to NZR. <\/p>\n
\u201cInterested parties will also have to work with the liquidators to acquire the Moana Pasifika brand and intellectual property.\u201d<\/p>\n
Ardie Savea of Moana Pasifika with fans in 2025. Photo \/ Elias Rodriguez, Photosport<\/p>\n
It\u2019s understood that any new licence holder would need to demonstrate the ability to meet a team\u2019s annual running costs of between $10m and $12m.<\/p>\n
There are rules against \u201cphoenix companies\u201d, where a successor company is set up after acquiring the assets of a liquidated company. These are broadly limited to preventing the liquidated company\u2019s directors from serving the successor firm.<\/p>\n
Moana Pasifika never financially stable<\/p>\n
Moana Pasifika Ltd was established in 2021 and the team played its first Super Rugby Pacific season in 2022.<\/p>\n
Since inception, it has survived with the help of public money, which included a $3m Sport NZ loan and grants of $1.5m: $1m of which went to Moana Pasifika Ltd, and $500,000 of which went to its original shareholder, Moana Pasifika Charitable Trust.<\/p>\n