New Zealand Rugby is being urged to consider a third option, before it signs away a chunk of its commercial revenue with US private equity firm Silver Lake.
A group led by former NZR chief executive David Moffett is proposing a co-operative ownership model similar to European football giants Barcelona, Real Madrid and the Green Bay Packers.
Under the Silver Lake deal NZR would sell off 12.5 percent of its commercial rights for $390 million.
The NZ Rugby Players Association though is opposed to that and has suggested public share float as an alternative.
David Moffett is calling on NZR to prove its considered all appropriate options before signing with US private equity firm Silver Lake.