The Highlanders are going on the market.
The process to get some part of the Highlanders into private hands is due to start early next year.
The southern franchise will be the last of the five New Zealand Super 15 sides to go through the process and if all goes to plan, it may be completed in under a year's time.
The Hurricanes, Blues and Crusaders have all gone through the process of privatisation, while the Chiefs have all but reached the finish line in moving into private hands.
Highlanders general manager Roger Clark said a Highlanders board meeting in February would discuss the process and it would move on from there.
''The New Zealand Rugby Union will start putting some resources into the process and get things moving. Their goal is to ensure the Highlanders will be in the same situation as the other franchises by September next year,'' Clark said.
''Somebody or a group of people will be the 49% shareholder in the Highlanders. How that comes about and in what way is something that is not known yet.''
Clark said the models used for the privatisation of the other four franchises had all been different so it was hard to tell which way the NZRU would go.
The Hurricanes had attracted a group of about half a dozen Wellington businessmen - including the likes of former Brierley boss Paul Collins and Phoenix co-owner Gareth Morgan - and was the first franchise to be privatised.
The Crusaders were bought by the provincial unions in the Central South Island and Tasman area and mining businessman Brent Francis.
The Blues franchise was purchased by Auckland businessman Murray Bolton and a group made up of interests of the Auckland, North Harbour and Northland provincial unions.
The Chiefs had yet to formally announce their private partners but it was all but signed and investors were likely to be provincial unions, including Taranaki, which is joining the Hamilton-based franchise in the hope of attracting more games to Yarrow Stadium, in New Plymouth.
Clark said it was too early to say who would be attracted to taking a stake in the franchise.
The Highlanders had been in precarious financial state in 2009-10 and the New Zealand Rugby Union covered the debts for a couple of years.
A move to the new Forsyth Barr Stadium and better success on the field - although this year was disappointing in terms of results on the scoreboard - had improved finances, and the NZRU was satisfied the franchise was ready for private investment.
''I think we have shown in the past three years we have got the support to have a team in this part of the world. With our population base it is always going to be a challenge compared to the rest of the country.''
Who would invest in the franchise is anyone's guess. Provincial unions Otago and Southland may struggle to come to the party as both have been through financial dramas over the past four years.
Clark would not speculate on who would be interested as the process had yet to start.
''For me it is exciting. The bottom line is all of us want the franchise to stay in this part of the world . . . If someone or group is granted a licence to operate here for the next four to six years then if that is the case that is another commitment for this part of the world for that length of time.
''The goal for fans and the organisation to have a franchise that prospers.''
Highlanders: Up for sale
• The new owners will have the power to select players, market their teams and promote matches, retaining ticketing and sponsorship revenues.
• The NZRU will retain ownership of the team brands and pay players and coaches from broadcasting revenues.
