“We have had to implement cost-saving measures across the business,” Ineos said in a statement on its website Wednesday in Wellington. “We sought to reach a sensible agreement with the All Blacks to adjust our sponsorship in light of these challenges. Unfortunately, rather than working toward a managed solution, New Zealand Rugby have chosen to pursue legal action.” New Zealand Rugby said Ineos failed to pay the first installment of the 2025 sponsorship fee, confirming its decision to exit the agreement early. Ineos — owned by British billionaire Jim Ratcliffe — is a partner in the Mercedes Formula 1 motor racing team, and co-owner of football club Manchester United. It said it greatly valued the arrangements with New Zealand Rugby and had contributed $30 million to the teams in recent years. “However, trading conditions for our European businesses have been severely impacted by high energy costs and extreme carbon taxes, along with much of the chemicals industry in Europe, which is struggling or shutting down,” it said. “We are witnessing the deindustrialisation of Europe.”