The Blues announced last week it was the latest Super 15 franchise to fall partially into private hands. The Hurricanes and Crusaders have already done so, while the Chiefs are expected to have something finalised by next year.
The New Zealand Rugby Union had reviewed the franchises a couple of years ago and identified the need for additional investment to improve their financial sustainability.
They called for expressions of interest at the end of 2011, but said the Highlanders were not part of the process. They have continued that line as first the Hurricanes, then the Crusaders, and now the Blues have been bought into by private investors.
The private investor gains a licence for management of the team on and off the field, can market and promote the team, and keeps the bulk of gate and sponsorship money. The NZRU pays wages and travel costs. It will also retain ownership of the brands.
Highlanders general manager Roger Clark said there was nothing on the table at the moment and he could not imagine anything happening for a while.
It was in the hands of the NZRU, and the national body had nothing to add yesterday.
Any proposal was still a couple of years away, as the franchise still had to recover from a tough few years.
The NZRU agreed to cover the costs for the Highlanders in 2009-11 as the franchise was struggling to make ends meet. It is still paying back loans to the NZRU from that period.
NZRU chief executive Steve Tew said early last year the NZRU had put in upwards of $1 million to cover the Highlanders' costs in that period.
Clark said the franchise was still in recovery mode and, as a business model, still had some work to do.
''The NZRU keep us up to date in terms of what they are thinking, but at the moment their focus is getting the other four franchises across the line,'' he said.
The three franchises that had gone through the process all had majority shareholders of provincial unions. With Otago and Southland experiencing financial dramas in recent years, it is hard to see how those unions could afford to invest in the franchise.
Last week, it was revealed the Taranaki union, seen as a part of the Hurricanes franchise, wanted to invest in the Chiefs, in an effort to get games in New Plymouth.
Clark said it was possible for provincial unions outside the South to invest, which could lead to the franchise moving.
''The biggest threat to this franchise is still moving it somewhere else. If we do not perform on and off the field then that is still in the background.
''It would be unusual for that to happen but we just can't take it [Highlanders] for granted.''
He said it was a challenging environment and the side was depending on good crowds for the remaining home games against the Blues (June 1) and Crusaders (June 29) for a positive balance sheet.
They had budgeted for a surplus, but smaller crowds at home games, a result of the team losing, had put a dent in that forecast.
The Highlanders made a profit last year of just over $70,000.
Super franchises
New owners
Blues: Auckland, North Harbour, Northland rugby unions 60%, Bolton Equities 40% share.
Chiefs: Expected by next year.
Hurricanes: Wellington Rugby Union 50%, private investors, including Gareth Morgan, Paul Collins and Brian Roche, 50%.
Crusaders: Canterbury 60%, Tasman 18%, South Canterbury 11%, Mid Canterbury 5%, Buller 3%, West Coast 3% and businessman Brent Francis has guaranteed a loan to run the business initially, and has a seat on the board.
Highlanders: Nothing on table yet.
