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.
It will be interesting to see which brands are attracted to cheating, dishonesty and weak leadership.
Hint: any brands that continue to advertise on Facebook.
you went there, gurl.
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.
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.