Now New Zealand Rugby, facing mounting losses, wants to leverage that valuable asset by selling a slice of its commercial operations to U.S. private equity firm Silver Lake. But the proposed deal requires the approval of the players, who fear it will bring a level of commercialization that could do more harm than good to the All Blacks. The New Zealand All Blacks huddle on the pitch after their Rugby World Cup 2019 Semi-Final match in Yokohama, Japan. It’s a dilemma rippling through all levels of world sport. Owners of teams and leagues are increasingly drawn to the marketing expertise offered by private equity — and the money. For their part, investors see profit potential in fan loyalty and lucrative broadcast contracts.