Magellan dumps Cricket Australia sponsorship deal
Magellan Financial Group has terminated its three-year partnership as the naming rights sponsor of domestic Test matches involving the Australian men's cricket team, in response to the ball-tampering scandal in South Africa that has rocked Australian cricket.
In a major blow to Cricket Australia, the deal is only one summer into its three-year term.
Australian cricketer David Warner.
Photo: AFPThe news comes after sporting goods manufacturer Asics on Thursday said it was terminating sponsorship contracts with Test players David Warner and Cameron Bancroft.
The terminations are another commercial blow from the furore that has spread across the cricketing world after Warner, Bancroft and Steve Smith were suspended for their role in a ball-tampering scandal during a Test match in South Africa.
Asics said in a statement released on Tuesday morning: "As a result of last weekend’s events in Cape Town involving members of the Australian men’s cricket team and following the sanctions made by Cricket Australia, Asics has terminated its sponsorship contracts with David Warner and Cameron Bancroft, effective immediately."
"The decisions and actions taken by David Warner and Cameron Bancroft are not something that Asics tolerates and are contrary to the values the company stands for."
The move comes less than 24 hours after electronics company LG, a manufacturer of televisions, refrigerators and a wide range of other goods, confirmed it would not continue its sponsorship arrangement with Warner, the hard-hitting Australian opening batsman.
"LG Australia will always look to work with ambassadors that share our core brand values and we take these relationships incredibly seriously to ensure we put our customers, employees and stakeholders first," LG said in a statement on Wednesday.
Cricket Australia has suspended Warner and Smith for one year, and Bancroft for nine months, over the ball-tampering scandal.
More to come