Sasol not renewing Springboks shirt deal 21/07/2010 |
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The South African Rugby Union (SARU) is looking for a new shirt sponsor after Sasol failed to agree an extension to its existing $20m deal.
The union revealed the energy and chemicals company had not met a revised valuation.
The relationship dates back to 2004 but SARU commercial manager Khaya Mayedwa said: "We looked at how the Springboks had evolved in value and we could not accept that [the new Sasol offer]. At the time when the Springboks were first taken by Sasol, they were at their low in terms of performance – now they are a number one team."
Mayedwa claimed a shirt sponsor could come from the existing SARU family of sponsors, "but we cannot confirm until the book on Sasol has been closed".
"We are hoping that by the end of September we should be able to announce the new Springbok sponsor,” he continued.
Sasol senior group executive Lean Strauss added: "As a business, we must take current market conditions into account, while at the same time recognising the enormous value this iconic team has brought to our brand. We believe our offer reflected this approach but respect SA Rugby's decision to consider alternate sponsorship options.”
Union president Oregan Hoskins said: "We're sorry to be losing them but we understand their reasons and we're now looking forward to forging a new relationship between the Springboks, South African Rugby and another leading brand. SARU will now begin discussion with other potential sponsors."
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