Cricket Australia signs Magellan Financial to fill Commonwealth Bank test match void
Just days after ending a protracted dispute with players that threatened to derail the Ashes series, Cricket Australia has announced Magellan Financial Group as the sponsor of the summer test series, filling a gap created after the Commonwealth Bank scaled back its commitment to the sport earlier this year.
Magellan will use cricket to drive brand awareness
Magellan, an Australian owned funds management business, has signed a three year deal with Cricket Australia and will use its test sponsorship to support a major brand awareness campaign.
The deal will see Magellan with a presence in stadiums and throughout the promotion of the series and runs for three years.
The announcement by Cricket Australia is the first major sponsorship announcement to be made since the breaking of the impasse with players last week.
The battle over pay had threatened to derail the upcoming Australian tour of Bangladesh and the summer Ashes series against England.
Broadcasters and advertisers has also raised concerns that delays in confirming the summer test series would go ahead was impacting their own preparations.
While the Commonwealth Bank continues to support the sport through other sponsorships, it announced earlier this year it was ending its support for tests.
Announcing the new deal Cricket Australia CEO James Sutherland said there were strong synergies between cricket and Magellan.
“Magellan is an organisation that has built its reputation on integrity, leadership and an unwavering customer-first culture, and Cricket Australia is proud to announce it as our newest partner,” Sutherland said.
“As we approach the highly anticipated 2017-18 Ashes Series, we are excited to have Magellan partnering with Cricket Australia as Test naming rights partner for the next three years. We look forward to working with Magellan and supporting its growth objectives.”
Hamish Douglass, co-founder and chief investment officer at Magellan, described cricket as an ideal platform for the brand.
“Test cricket is the premium form of the game and its attributes of patience, skill and dedication to excellence are aligned with Magellan’s approach to preserving and growing our clients’ wealth over the long term,” Douglass said.
“Test cricket has a large and diverse following throughout Australia and this partnership with Cricket Australia represents a unique opportunity to highlight the benefits of global investing and to position Magellan as a trusted partner in that journey.”
There will be plenty of back-slapping going on in Magellan HQ.. with the good old boys in upper management chuffed that they will be treated like VIP royalty by CA & various cricket grounds.. and not just some sponsor no one has ever heard of.
Will be heaps of entertaining other rich white old men in corporate boxes coming up over summer. And its the Ashes too! Peak Whiteness.
Personally, if I am investing in managed funds, I dont want my management fees spent on unnecessary sponsorships, and the board entertaining their buddies in boxes at the cricket. The less the advertise the better for me!
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How’s the racism from HJT….
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HJT, You show a lack of understanding re the power of sponsorship marketing to drive brand awareness and sales. Many brands use it because it works… But hey, don’t let your ignorance of Marketing 101 get in the way of a good rant!
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