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Magellan dumps Cricket Australia naming rights as ethics crisis widens

The crisis facing Cricket Australia following last weekend’s ball tampering scandal has deepened today with naming rights sponsor Magellan Financial Group announcing to the stock exchange it has terminated its sponsorship deal two years early.

Magellan’s announcement is a critical blow to Cricket Australia as the financial services firm stepped in to fill the void after the Commonwealth Bank declined to renew its naming rights deal last August.

Magellan co-founder and CEO, Hamish Douglass, was scathing in the announcement, saying: “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.

“Regrettably, these recent 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 company’s announcement went on to add: “The three-year partnership that Magellan signed with Cricket Australia in August 2017, which commenced with the recent Ashes Series, was based on shared values and reputations of integrity, leadership, dedication and an unwavering customer-first culture.”

At the time the sponsorship deal was announced, Cricket Australia CEO James Sutherland said there were strong synergies between the game and its sponsor.

“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.

In response to today’s announcement, a Cricket Australai spokesperson told Mumbrella:”Magellan has been a valued partner over this past Ashes summer.

“CA believes that its response to the events in Cape Town has been appropriate and reinforces the high standards expected of Australian representatives.

“CA values all of its commercial partners and is certain that international cricket will remain an attractive partnership opportunity into the future.”

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