Cricket South Africa loses sponsor 22/11/2010 |
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Standard Bank has announced that it is ending its sponsorship deal with the South African cricket team.
The company currently sponsors the national one-day and Twenty20 teams, all Twenty20 international matches and the domestic 20-over competition.
But it has decided to pull out of all sports sponsorships when its contract expires in May next year.
Standard Bank had invested more than R100m a year into Cricket South Africa (CSA), which included funding the National Cricket Academy, High-Performance Programme, Schools Pro20 Challenge, Schools Development Programme and Under-13 National Cricket Week.
Standard Bank is also cutting ties with South Africa's two most popular football clubs, Kaizer Chiefs and Orlando Pirates.
CSA said it had no concerns about lining up other sponsors. Vice-president AK Khan claimed there has been "a tremendous amount of interest from other parties".
Reports have suggested that some of CSA’s existing sponsors may enter into Standard Bank's territory. CSA is currently sponsored by Castle beer, mobile phone operator MTN, and fast-food company KFC.
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