Ashes sponsor dumps $20m naming rights deal

"A conspiracy by the leadership of the Australian Men's Test Cricket Team which broke the rules with a clear intention to gain an unfair advantage during the third Test in South Africa goes to the heart of integrity," he said in a statement to the stock exchange.

"Regrettably, these events are so inconsistent with our values that we are left with no option but to terminate our ongoing partnership with Cricket Australia. We were delighted with the recent Magellan Ashes Series sponsorship and it is with a heavy heart that we have to end our partnership in these circumstances."

The Magellan decision surprised some people following the cricket crisis, given Cricket Australia's decision announced Wednesday night to suspend the three players.

Late on Wednesday more bad news for Smith and Warner emerged, with an announcement from the lucrative Indian Premier League that the pair would be banned from the 2018 IPL. Each had been due to earn $2.4 million from playing in the IPL this year.

Smith and Warner's Cricket Australia contracted salaries will continue until the end of June 2018, but they won't get new deals for the next financial year from Cricket Australia.

The lost cricket contracts, match payments, bonuses, captain's allowance for Smith and lucrative sponsorships from businesses, mean that both Smith and Warner are likely to miss out on at least about $4-5 million each in fiscal 2019 than what would have been the case without the ball tampering scandal.

Thursday's terminations are the latest commercial blows sparked by the furore that has spread across the cricketing world since news broke of the ball-tampering scandal involving opening batsman and deposed vice-captain Warner, Bancroft and Smith.

“While appreciating the work Steve Smith has done in partnership with us to support cricket for all Australians, in light of recent circumstances we have concluded our current arrangement with Steve as a sporting ambassador," CBA said in a statement on Thursday afternoon

But CBA said it would remain "proud sponsors of women’s cricket, Indigenous cricket, cricketers with disabilities and grassroots cricket across the country.”

Electronics company LG, a manufacturer of televisions, refrigerators and a range of other goods, was the first sponsor to take action, pulling out of its sponsorship arrangement with Warner on Wednesday.

Asics followed suit on Thursday morning, saying: "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.

These events are so inconsistent with our values that we are left with no option but to terminate our ongoing partnership.

Hamish Douglass

"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."

But Asics is staying on as a commercial partner of Cricket Australia, which suspended Warner and Smith for one year and Bancroft for nine months after finding their conduct brought the game into disrepute.

Sanitarium ended its relationship with Smith as a Weet-Bix brand ambassador on Thursday, effective immediately, but will also continue its sponsorship arrangement with Cricket Australia.

“Weet-Bix ambassadors represent our brand values of trust and integrity, and they speak to everything that is good about being Australian. Their role as a ‘Weet-Bix Kid’ is to inspire millions of Aussie kids to be the best they can be," Todd Saunders, the executive general manager for Sanitarium Australia, said on Friday.

"Based on the ball-tampering incident and the findings of Cricket Australia’s investigation, we are unable to continue our relationship with Steve Smith.

“We recognise the immense pressure and the consequent health and wellbeing impacts this incident has had, and will continue to have, on the players concerned and on the broader Australian Cricket Team. As such, Sanitarium has offered support to Cricket Australia to ensure that player wellbeing is a priority at this time."

Kookaburra, which sponsors Bancroft, also confirmed it would suspend its contract with the West Australian batsman.  “Kookaburra, in accordance with its contract, are suspending Cameron Bancroft for the duration of his CA suspension. We hope to support Cameron continuing his career after this time," the company said in a statement.

Meanwhile Lion, the brewer of XXXX Gold, Cricket Australia's "official beer partner", confirmed it would maintain its commercial partnership with Cricket Australia. "Like all Australian cricket fans, we were disappointed with what happened in Cape Town. We will continue our support for the Australian cricket team,” a spokesperson for XXXX said.

Airline Qantas will also maintain its sponsorship of the Australian cricket team. “We believe the Cricket Australia Board has taken decisive action in dealing with this matter," a Qantas spokesperson said in a statement.

New Balance, which sponsors Smith, said it would not comment until the player had had "a chance to respond to actions from Cricket Australia".