Although any deal is at least a month away, and Highlanders bosses were not prepared to confirm anything yesterday, the Otago Daily Times understands a Singaporean group, fronted by businessman Eric Series, will invest in the southern franchise.
Mr Series was the driver behind a bid to get a Super rugby team in Singapore when the Super rugby competition expands next year, but failed as Sanzar bosses went with a team from Japan.
But the French native is keen to be involved in the competition and took a 6% stake in the Chiefs last year when the Hamilton-based franchise was opened up for investment.
The New Zealand Rugby Union has been offering licences to private operators to take up a stake in its five Super rugby franchises, and the other four in New Zealand have been through the process.
The Highlanders were not immediately part of the licensing scheme, as the franchise was struggling financially.
But it has turned things around and last year began the process to bring in private investment.
New Zealand Rugby has pushed for outside investment to take pressure off its balance sheet and open up more marketing opportunities.
Highlanders board member Jeremy Curragh, who is overseeing the licensing agreement for the franchise, said yesterday negotiations were reasonably well advanced, but no comment would be made until something was confirmed.
Everyone involved had been on holiday over the past month, but all the major players were now returning to work and he hoped progress would be made over the next few weeks.
''But we are really comfortable with the progress made, which we believe will secure the Highlanders in Dunedin,'' he said.
He hoped negotiations would progress relatively smoothly over the next few weeks but could not put a definite date on when the process would be completed.
Forsyth Barr Stadium and its covered playing surface was a real plus for many investors, he said.
''That is a real point of difference and a part of the attraction of getting involved in the Highlanders.
''To play in the only indoor stadium in New Zealand is something which attracts a lot of people.''
The other four franchises have had licensing agreements which have involved provincial unions in their areas, but the cash-strapped Otago, Southland and North Otago unions may struggle to get involved.
The Singapore group may want to stage Highlanders games in the Asian city's new sports hub, although it is believed nothing has been decided.
The city's new sports complex - built at a cost of more than $NZ1 billion - was the venue for an international 10s rugby tournament last year.
Singapore was due to host a game against the touring New Zealand Maori team last November, but it was called off because of concerns over the state of the ground.
Mr Series owns the Asia-Pacific Barbarians, the side scheduled to face the Maori team last year.
He wanted to bring Super rugby to Singapore and include Pacific Island players in the Singapore-based side.
The city of Singapore has a population of about 5.5 million.
