A jubilant mood encompassed New Zealand Rugby's Auckland headquarters yesterday as the provincial unions signed off the fraught Silver Lake deal — yet one lone objection left a lingering question hanging in the air.

NZ Rugby pushed for a voice vote at the special general meeting, only for two unnamed unions to request a secret ballot. What followed was a vote 89-1 in favour of the $200 million deal, leaving many to ponder who cast the sole opposing vote.

"It might be the great unanswered rugby question of all time," NZ Rugby chief executive Mark Robinson said.

With unions all holding at least two votes, and those able to be split, any one of the 26 provinces could have thrown the fly in the ointment as a potentially strategic move.

The situation came one day after claims that Silver Lake's preference was for unanimous approval, despite NZ Rugby and the provinces previously agreeing a 75 per cent threshold would be sufficient to proceed with the deal.

The deal will see $37 million distributed through the New Zealand game, with the 14 NPC teams receiving $1m each; the 12 Heartland unions banking $500k each ($6m total), Māori rugby $2m, community clubs $7.5m, the Players' Association $5m and the five Super Rugby teams $1.25m between them.

A contestable $60 million legacy fund, aimed at future-proofing the grassroots game, will also be established.

In addition to the initial $200m deal, there will be an opportunity for NZ institutional investors to raise between $62.5m and $100m. If there is insufficient institutional demand, Silver Lake will increase its position to ensure a minimum capital raise of $62.5m.