Cricket South Africa’s (CSA) dire financial state is set to deteriorate significantly more after Standard Bank dropped a bombshell announcement that it won’t renew its sponsorship agreement with the federation.
The bank is currently the title sponsor of the Proteas and also contributes significantly to CSA’s development programme by bankrolling its regional performance centres.
Despite earlier in the week tentatively accepting CSA’s commitment to reform, Standard Bank have clearly decided there’s little evidence of those assurances being backed up by action.
The Citizen understands that one major contributing factor to its U-turn was chief executive Thabang Moroe brazenly ignoring the South African Cricketers Association (Saca) and the players in a statement sent out to “all stakeholders” on Tuesday, reassuring all of a newfound commitment to transparency.
Standard Bank Group Chief Marketing and Communications Officer, Thulani Sibeko, noted that the decision was deliberated on thoroughly.
“Standard Bank is committed to upholding the highest levels of leadership, integrity and governance. In light of recent developments at CSA, which are a culmination of long standing problems which have damaged Standard Bank’s reputation, it has decided not to renew its partnership with CSA.”
The termination of the sponsorship agreement will not be immediate though as the bank has decided to rather let the contract lapse on 30 April 2020, considering it “appropriate and fair to give CSA adequate notice so that it may explore alternative sponsorships”.
CSA is scrambling to plug holes in a projected R654 million deficit over the next four years and insiders have warned this latest setback could see the federation run out of money.