'We've not seen the capital': Why NZ Rugby walked away from Moana rescue bids

While the desire to keep Moana Pasifika alive was there, the money ultimately was not.

New Zealand Rugby (NZR) on Wednesday officially rejected a series of rescue bids aimed at preserving the franchise's place in Super Rugby, bringing an end to months of uncertainty over the club's future.

Several consortiums has been vying to secure Moana's survival after the franchise was entered into liquidation. However, none were able to demonstrate the level of committed funding required to meet NZR's financial and operational requirements.

NZR chief financial officer Chris Kinraid acknowledged the decision was difficult given the significance of the team to Pacific rugby, but said it became straightforward once it was clear the bids could not meet the long-term financial requirements.

Kinraid said NZ Rugby was presented with four serious bids following Moana's collapse, but the clock was against them.

"It really came down to a key criteria of committed capital and a timeframe to establish that capital to stand up a team for next year," he said.

"The time constraints meant the ability to stand up a team in less than a two-month window, with established capital, a viable commercial plan and sponsors, made it very difficult to grant a licence to a bid that didn't have that capital in place."

Among those involved in efforts to save the franchise was NZ First leader Winston Peters, who, in his role as Minister of Foreign Affairs, helped facilitate discussions with Pacific governments and potential investors.

"In terms of standing up bids for 2027, it was left down to one real bid opportunity for 2027 and that was the bid we were working with MFAT and partners to try and get over the line," Kinraid said.

"But as of today, there has been no confirmed capital attached to that bid."

Despite the decision to reject the rescue proposals, Kinraid stressed NZR had not closed the door on a future Pasifika franchise.

"We remain completely open to potential or future bids related to a Pasifika team going forward beyond 2027. We had every intention to try and stand this team up for the long term. In the end, it's up to the parties with the bid to come up with credible and sustainable capital for a bid. We've not seen that capital."

Moana Pasifika is facing more than $8 million in creditor claims - including a $2.75m loan to Sport NZ - according to the first report from liquidators.

The report estimates total creditor claims at about $8.2 million, although liquidators say investigations are ongoing and the final figure may change as claims are assessed.

NZR has committed to financially supporting the players and staff through to the end of July, but Kinraid said that assistance would not continue indefinitely.

"We don't have an empty chequebook," he said.

"We have provincial unions, community rugby and the wider game to support. We can't continue funding private enterprises or privately owned teams indefinitely.

"We don't have an empty chequebook. We've got provincial unions, community support and the game to support, and we don't have an open chequebook to support private enterprise or private teams.

"It's a sad time for Moana Pasifika and our thoughts always remain with the players and the fans of the team."

Kinraid insisted NZR's commitment to Pasifika rugby remains unchanged, and said hopes of one day establishing a sustainable franchise based in Tonga or Samoa are still alive.

"We do significant work in the Pasifika community for the game and we remain committed to a future opportunity in Pasifika rugby.

"We want a strong Pacific connection and a long-term viable team based in the Pacific, creating pathways, talent pathways and economic value in the Pacific, but one that will also develop credibly with a business plan and a financial pathway to create long-term pathways and success in the Pacific itself."

The demise of Moana Pasifika inevitably raises questions about whether the venture itself should be considered a failure.

Kinraid rejected that notion.

"If you don't try something, you'll fail anyway," he said.

"We have to remember that New Zealand Rugby and a lot of other parties were fundamental in establishing this team in the first place. We've demonstrated that we are very committed to Pasifika rugby and standing up a team. We went out on a limb to set up this team with a number of other parties.

"So the fact that we've had around four years of a team competing in Super Rugby, we still see that as a success. We would want this team to compete for longer and we'll try to do that in the future. But if you don't try, you'll fail."