Owned by billionaire Jim Ratcliffe, Ineos has stakes in a string of prominent sporting brands including Manchester United, Mercedes Formula 1 and the Ineos Grenadiers cycling team.

Ineos has been one of the All Blacks’ major sponsors since signing a six-year deal for an undisclosed sum in 2021.

Governing body New Zealand Rugby said Ineos had “breached its sponsorship agreement” by failing to stump up with “the first instalment of the 2025 sponsorship fee”.

“Having learned of Ineos’ decision to walk away three years early, we have moved to protect the interests of New Zealand Rugby and the wider game,” it said in a statement.

“We have been left with no option but to launch legal proceedings to protect our commercial position.”

New Zealand Rugby said it was “actively pursuing new commercial opportunities”.