New Zealand Rugby (NZR) has unveiled a record-shattering $304 million in revenue.

But the celebration is being overshadowed by urgent warnings from Pacific leaders that the professional game is failing our community.

At Thursday’s Annual General Meeting (AGM) in Wellington, NZ Rugby posted its strongest financial result in history.

Chair David Kirk says the game is in "good health" after cutting net losses to $7.5 million and noted the organisation achieved an operating profit of $700,000 for the year.

But for those watching from the Pacific sidelines, the massive bank balance doesn't hide the "devastating" news that Moana Pasifika is set to disband after the 2026 season.

On 14 April, Moana Pasifika owners announced the club would be exiting the Super Rugby Pacific competition this year because the franchise is no longer financially viable, citing unsustainable costs, low sponsorship interest, and a lack of revenue.

While NZR leaders spent the AGM highlighting sold-out All Blacks Tests and a $40 million investment into grassroots rugby, they offered no new lifeline for the Auckland-based Moana Pasifika franchise.

Speaking after the meeting, Kirk said it would be “sad” to see Moana Pasifika unable to continue however he acknowledged the financial pressures the team is facing.

He said the team has played an important role in the competition below Test level but made clear that money will ultimately decide what happens next.

NZ Rugby chair David Kirk says the game is in “good health” after reporting record revenue and reduced losses at the organisation’s Annual General Meeting in Wellington. Photo/Photosport

"We need a powerful one step below All Black level competition. Moana Pasifika have made a really meaningful contribution to that but you can't fight reality if they are financially unable to continue.

"We have to work with them to have a managed off-ramp. And it is what it is."

Kirk added that NZ Rugby has already spoken with several interested groups who may be willing to step in and help keep the franchise alive. But he said nothing solid has been put forward yet.

"We have had interactions with a range of groups and we are very encouraging of them pulling together something that will work for the competition, that is the role we find ourselves in.

"We are just maintaining the support for all the Super Rugby teams including Moana Pasifika," Kirk said. "We have supported them and that will be there for someone else if they think they can put together a team, but its not our job to do that."

Watch Kanaloa Rugby's full interview with William Terite on Pacific Mornings below.

The future of Moana Pasifika has been playing out in public over the past few weeks with different groups putting forward competing ideas to take control of the franchise.

A consortium called Kanaloa Rugby, made up of former players and rugby administrators, has been pushing a proposed takeover. The group says politics are getting in the way of saving the club and has pointed criticism at the Pasifika Medical Association (PMA), which currently owns Moana Pasifika.

But the PMA has reportedly said that it is NZ Rugby, as the licence holder, that is managing the process.

The comments underline the uncertainty around Moana Pasifika’s future, even as their role in bringing Pacific identity and talent into top-level rugby continues to be widely recognised.

Kirk's comments come just days after community advocate Jerome Mika raised the alarm about the lack of genuine support for Pacific pathways.

Listen to Jerome Mika's full interview below.

In an interview with William Terite on Pacific Mornings, Mika said the game is at a critical "crossroads" and that commercial success at the top isn't trickling down to protect the heartbeat of the Pacific game.

Mika says the community's expectations are much broader than just the balance sheet.

“For Moana Pasifika, the vision isn't just to score tries, it's to be a wave that lifts everyone in the community,” he says. “We need to see that the Pacific is not just a commercial priority when it's convenient."

Mika warns that the community is tired of being a "resource" for the All Blacks while our own professional teams are left to wither.

He believes true health is measured by representation in the boardroom. “There is still a lot of work to do, but it is about the heart and making sure that our people are at the centre of these decisions,” Mika says.

Watch Moana Pasifika chief executive Debbie Sorensen's full interview on PMN Tonga below.

Stability vs Chaos

Pacific expert Sione Tekiteki has also weighed in on the shifting landscape.

The political analyst also told Terite that while NZ Rugby talks about "consolidation" and "efficiency," the reality for many is one of "uncertainty and chaos."

With Moana Pasifika confirmed to close its doors in 2026 due to a lack of sustainable funding from NZR and World Rugby, Tekiteki suggests the unified direction touted by the board might not have a seat at the table for the very people who provide the game's flair and talent.

NZR CEO Steve Lancaster remained upbeat at the AGM, pointing to match-day revenue and new global partners like Toyota.

“We believe the game is in really good health,” Lancaster says. “Last year, we made a significant investment in the community game... seven All Blacks matches were sold out and we saw match attendance for Super Rugby Pacific increase.”

But for Pacific fans, these numbers feel "bittersweet". The AGM confirmed that NZR is focusing its energy on big-money events like the 2029 British and Irish Lions tour, leaving the immediate future of a professional Pacific pathway in Auckland unresolved.

Pacific expert Sione Tekiteki says there is growing uncertainty for Pacific teams and pathways, despite NZ Rugby’s focus on efficiency and long-term growth. Photo/University of Auckland

As talks continue and uncertainty grows, the impact is being felt most strongly inside the team. Players and staff are having to deal with ongoing rumours about what comes next, and what it could mean for their futures.

Halfback Augustine Pulu told the media the situation is already taking a real emotional toll, especially on younger players who fear they may lose out on key opportunities.

"That's what really breaks my heart, seeing the young guys breaking down into tears because these are the opportunities that we're not going to get anywhere else. We've got to provide for our families. God willing, that there's another opportunity to carry on."

Despite the pressure off the field, Pulu says the strong cultural bond within the Moana Pasifika squad is helping the team stay focused and keep showing up for each other.

"They're still fighting for it. If this was any other franchise, I don't know if they could come out and carry on performing the way the boys have been going. This is something that we're used to as our people. We're resilient in what we do and we're going to carry on giving back as much as we can."

Built on heart, family, and Pacific resilience: Augustine Pulu keeps leading through uncertainty with pride and purpose. Photo/Photosport/Brett Phibbs

Milestone for Women

Among the corporate updates, the AGM celebrated a historic milestone: former Black Fern Erin Rush was confirmed as NZ Rugby’s first female Vice President. Former All Black Matthew Cooper was elected President.

The Pasifika Rugby Council was also formally welcomed as a new member, a move Kirk says reflects a more "collaborative and accountable" organisation.

Tekiteki says a seat at the table doesn't always equal a say in the strategy and that in many New Zealand institutions, “the conversation rarely extends to how Pacific political influence might be exercised within the current system".

Tekiteki suggests this is part of a wider trend where “New Zealand behaves less like a partner and more like a strategic guardian".

He believes this dynamic leaves Pacific nations feeling never fully sovereign in their own sport.

Former NZ rugby internationals Erin Rush and Matthew Cooper have been confirmed as New Zealand Rugby’s Vice President and President. Photo/NZR

But as the meeting wrapped up, the message from the community remained clear: A $300 million record is an empty victory if the Pacific heart of the game is allowed to stop beating.

At the time of publication, New Zealand Rugby has not responded to specific questions from PMN News regarding the future of Moana Pasifika or how it intends to address the financial concerns raised by the franchise.