New Zealand Rugby could be a loss-making venture by 2025 and living off its capital reserves if it takes the deal with Silver Lake.

The national union will, according to an independent report by world renowned accountancy firm BDO, be running at an operational loss of almost $11m in four years if Silver Lake only deliver 50 per cent of their ambitious revenue growth targets.

The Herald has gained access to the BDO report which highlights the true level of risk NZR will be taking by agreeing a deal to sell 12.5 per cent of future commercial income to US fund manager Silver Lake.

David Kirk, president of the New Zealand Rugby Player's Association, joined Simon and Phil to discuss the proposed deal.

LISTEN ABOVE