Wealth-management company Magellan has terminated its three-year sponsorship agreement with Cricket Australia in response to the ball-tampering scandal.
The naming rights sponsorship of the men’s national cricket team’s domestic series, estimated to be worth $20 million, only started ahead of last summer’s Ashes Test series and was supposed to run for two more seasons.
Magellan’s co-founder and chief executive Hamish Douglass said the ball-tampering in South Africa was “so inconsistent with our values that we are left with no option but to terminate our ongoing partnership with Cricket Australia”.
Athletic shoe company ASICS has also torn up its contracts with disgraced players David Warner and Cameron Bancroft.
The company, which supplies uniforms to the Australian team, announced on Twitter it had severed ties with the pair, “effective immediately”.
As a result of last weekend’s events in Cape Town involving members of the Australian men’s cricket team and following the sanctions made by Cricket Australia, ASICS has terminated its sponsorship contracts with David Warner and Cameron Bancroft, effective immediately.
— ASICS Australia (@ASICSaustralia) March 28, 2018
Electronics company LG had already turned its back on Warner, announcing it would not renew its sponsorship deal, which is set to expire in weeks.
Warner’s website also lists Gray Nicholls, Nine, Toyota, Nestle’s Milo and the Make-a-Wish Foundation as brand partners.
The pair, along with former skipper Steve Smith, have been banished from the Test team for their parts in a plan to deface a ball using sandpaper during the third Test against South Africa in Cape Town.
Smith and Warner were sidelined for a year, while Bancroft will sit out nine months.
Additionally, Smith will be ineligible to captain the team for an additional 12 months, while Warner will never again hold a leadership position within the team.
Besides their lost income from Cricket Australia (CA), the trio also face significant financial losses through endorsements.
Smith and Warner have both also been ditched from the Indian Premier League (IPL) for 2018.
They were each on $2.5 million contracts to play in the competition, which begins next month.
Celebrity agent Max Markson has tipped Smith and Warner to be dumped by all their sponsors as a consequence of this negative publicity.