Moana Pasifika has been put into liquidation after shareholders voted to appoint liquidators to the holding company of the Super Rugby Pacific team.
Teneo Financial Advisory was appointed as liquidator late on Monday.
The move comes after the franchise announced last month that it would likely disband unless new investors could be found to keep it afloat.
RNZ has reported that, in a statement, the Pasifika Medical Association (PMA), one of the key backers of the team, said it could no longer continue funding the franchise.
“The boards of directors of both PMA and Moana Pasifika have resolved to appoint liquidators,” the report said. “We are proud to have supported the franchise over the past two years and are deeply disappointed to have…