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.”
It will be interesting to see which brands are attracted to cheating, dishonesty and weak leadership.
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Hint: any brands that continue to advertise on Facebook.
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you went there, gurl.
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Looks like they took the easy exit. Got their short-term value in year one across a high rating Ashes and then pulled. Not really the behaviour of business looking to promote long-term global investments.
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The sad irony is that tonight when the Proteas wrap up a 3-1 home soil series win, they will have two players found guilty of ball tampering on the field who both still deny they tampered with the ball, and were merely fined 50% or 75% of their match fees.
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