A third Bledisloe Cup Test, record New Zealand Rugby revenue and whether or not Silver Lake has converted their equity will be revealed tomorrow.

The AGM is expected to reveal revenues of $304M, nearly a $20M increase, with an operating profit of $700,000.

There will be a $7.5M loss, approximately $83.4M over the last four cycles.

There is a clear picture as to where this is going, and while skeptics usually try to highlight NZR+ as being a white elephant (at least $30M has been invested into the platform based on 22/23/24 annual reports), the strategy has emerged.

Before Endeavor Streaming finished the NZR+ build, New Zealand Rugby engaged Rizing, who in turn helped implement SAP into the org's infrastructure in 2022.

Last year, Amazon Web Services (AWS) came onboard, likely implementing their Elemental, S3, Glacier media services stack alongside, again likely, SAP's S/4HANA technology.

This is the Rolls-Royce of back end data infrastructure and it would be costing millions.

From creating Pātaka to continuing 'Project Future', the benefits are there, notably the YouTube channel which is edging towards 1.5M and using it's NZR+ content to great effect.

I'm bullish towards what the goal seems to be, there is machinery and platforms to capture the 60M fans identified by their Menlo Park based investor.

The expensive part will be complete, now the hard part is the numbers, NZR+ is estimated to be around 300K subs, a solid number but short of the 1M targeted by the end of 2023.

The 2025 Annual Report will reveal if Silver Lake has converted.

The $262.5M is a loan with 4% interest, costing NZR $12.28M per year.

If they exercise their conversion rights, the 7.5% stake will earn the US Equity Giant roughly $22.8M.

The report will likely reveal dropped broadcast revenue, rights were re-signed for approx. $85M (down from $111M) although expect record commercial revenue despite the disruption caused by INEOS's end of contract.

It is believed that the deal includes broadcast rights to the Nations Championship.

It is expected that a third Bledisloe Cup Test will return in 2027.

Knocked back by NZR, Rugby Australia remained committed to the idea and reports indicate new All Blacks coach Dave Rennie is supportive of the fixture.

It will force a bye round in Super Rugby Pacific.

How that look's in uncertain pending on whether a conference system is reintroduced.

The last time the All Blacks and Wallabies played three Tests was 2021.

Australia hasn't beaten NZ since 2020 and hasn't held the Cup for 23 years.

Perth or Brisbane loom as likely destinations with RA and NZR splitting the proceeds.

'Extra' Tests previously have earned between $10-$20M AUD and a sellout at the 60,000 Optus Stadium would generate the upper end of that.