The Hurricanes are now privately owned – or are they? Have they really bought the Hurricanes like Elton John bought Watford? No, they haven't.
It's a license to operate, whatever that means.
Something similar awaits the Crusaders, we're told. Other Super 15 franchises will follow at some stage in the future.
So who gets what and why?
John Campbell asked Captain Hurricane – one of the new private shareholders of the Wellington, Manawatu, Hawke’s Bay and Taranaki franchise – Gareth Morgan.
Watch the video for the full interview.