INEOS has greatly valued its sponsorship of New Zealand Rugby having contributed over USD $30 million to the teams in recent years.
However, trading conditions for our European businesses have been severely impacted by high energy costs and extreme carbon taxes, along with much of the chemicals industry in Europe, which is struggling or shutting down. We are witnessing the deindustrialisation of Europe.
As a result, we have had to implement cost-saving measures across the business. We sought to reach a sensible agreement with the All Blacks to adjust our sponsorship in light of these challenges.
Unfortunately, rather than working towards a managed solution, New Zealand Rugby have chosen to pursue legal action against their sponsor.
We remain in ongoing discussion with New Zealand Rugby.
ENDS