Ineos Group dropped its sponsorship of New Zealand’s All Blacks rugby team as part of cost-savings measures in face of difficult trading conditions in Europe’s chemicals industry, the company said.

New Zealand Rugby has launched legal action against the Ineos corporation of British billionaire Jim Ratcliffe after the global chemical giant dropped a sponsorship agreement with three years remaining.

The petrochemical company, which owns a minority stake in Manchester United, allegedly cut short a long-term sponsorship deal.

New Zealand Rugby has taken legal action against Manchester United co-owner Sir Jim Ratcliffe after his Ineos company allegedly backed out of their sponsorship agreement