New Zealand Rugby's proposed deal with Silver Lake won't get the green light at Thursday's Annual General Meeting in Wellington.
Newshub understands negotiations between NZR and the Players Association are at an impasse and the proposed $387.5 million deal won't get the sign off it needs at the AGM.
NZR has rejected two last ditch alternatives to the proposed Silver Lake deal from the Players Association.
The governing body and the Players Association have been at loggerheads over the proposed deal for US firm Silver Lake to acquire a 12.5 percent stake in NZR worth $387.5m.
Newshub understands two alternatives were put to NZR in their latest round of mediation talks, which concluded on Tuesday.
One of those was debt raising - where NZR would essentially take out a loan they'd then pay back with interest - and the other, selling a five percent commercial stake in the company to a private investor.
But those would only raise around $90m and $150m respectively, significantly less than what's been tabled by Silver Lake, Newshub understands.
NZR has rejected both alternatives, both on the basis that they wouldn't be able raise enough capital and wouldn't benefit the game at grassroots level, which is at the core of NZR's deal with Silver Lake.
Mediation will continue with the Players Association following Thursday's AGM, as both parties search for common ground in this much maligned deal.