The granting of a licence for a private operator to run the Highlanders is still being worked through and no completion date has been set.
The Highlanders are the last of the five New Zealand franchises to go through the licensing process, which involves seeking private operators to take a share in the franchise.
The other four - the Chiefs, Blues, Hurricanes and Crusaders - have all gone through the process over the past few years.
The Highlanders were not initially part of the licensing process as they were in a tough financial position but that has improved.
The process to set up a licensing agreement started early last year and has continued over the past few months.
It emerged in January that Singapore-based businessman Eric Series was a candidate to take up the licence for the southern franchise.
Series had already bought a stake in the Chiefs and was seen as an investor keen to get involved in Super rugby.
Highlanders chairman Doug Harvie said yesterday the process was still progressing and nothing had been finalised.
People were interested in taking on the licence but until something was signed, he could not say anything.
The focus at the moment was on the Highlanders playing on the field and they were performing well, he said.
Harvie said the process took time as various parties were involved. Nothing happened overnight, he said, and it was a big commitment by many different groups.
