Cricket and soccer in South Africa have suffered a major financial blow with the news that Standard Bank will end its sponsorship with Cricket South Africa (CSA) and soccer teams Kaizer Chiefs and Orlando Pirates.
Standard Bank will not renew its sponsorships when the current deals expire in May 2011.
CSA is the hardest hit by the news as Standard Bank was the sole sponsor of the South Africa one-day international and twenty20 teams.
The bank, which recently announced they would be cutting 1,305 permanent jobs and 710 fixed term jobs in Johannesburg and London, also sponsors South Africa's domestic Twenty20 tournament and CSA's high performance centre.
"While our sponsorships of soccer and cricket have been extremely valuable in building our brand and engaging with fans, we have had to reassess the costs of these sponsorships and the benefits for Standard Bank in the light of changed business needs," said Sarah-Anne Orphanides, Standard Banks' Group Marketing and Communications Director, in a statement.
"This was a difficult decision as we have made significant investments in both soccer and cricket. But, essentially we believe that this is a responsible, necessary and prudent decision to ensure that we support our business needs in the best possible way," she added.
© Reuters
Standard Bank will not renew its sponsorships when the current deals expire in May 2011.
CSA is the hardest hit by the news as Standard Bank was the sole sponsor of the South Africa one-day international and twenty20 teams.
The bank, which recently announced they would be cutting 1,305 permanent jobs and 710 fixed term jobs in Johannesburg and London, also sponsors South Africa's domestic Twenty20 tournament and CSA's high performance centre.
"While our sponsorships of soccer and cricket have been extremely valuable in building our brand and engaging with fans, we have had to reassess the costs of these sponsorships and the benefits for Standard Bank in the light of changed business needs," said Sarah-Anne Orphanides, Standard Banks' Group Marketing and Communications Director, in a statement.
"This was a difficult decision as we have made significant investments in both soccer and cricket. But, essentially we believe that this is a responsible, necessary and prudent decision to ensure that we support our business needs in the best possible way," she added.
© Reuters
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