Steinhoff International has withdrawn as a second tier sponsor of the annual FNB Varsity Cup tournament, according to a statement that Varsity Cup management released on Wednesday, 10 January.

This comes after much publicised financial irregularities saw former Steinhoff CEO, Markus Jooste, and chairman, Christo Wiese step down  after shares of the company went to an all time low.

According to Varsity Cup management, they are currently looking at alternative sponsorship for the bumper season ahead.

“We have begun a process of exploring alternative sponsorship opportunities to sustain the spotlight on talent development. We would like to assure spectators that preparations for the 2018 tournament are at an advanced stage and we are working with all our partners to ensure the success of this year’s competition, which kicks off on Monday, 29 January,” said Duitser Bosman, CEO of Varsity Cup

The 11th edition of SA’s premier inter-varsity rugby competition features 16 of SA’s best university teams in a challenge for top honours on the rugby field.

All four competitions in the FNB Varsity Cup tournament will continue as planned, including FNB Varsity Cup, FNB Varsity Shield, FNB Young Guns and FNB Koshuis Rugby.