CA has signed financial group Magellan as the home series partner. The deal, reported to be worth $6-7 million, comes into force with the prestigious Ashes.
The resolution to the long-pending pay dispute between Cricket Australia and the players’ association has also ended the sponsorship freeze. Magellan has come on board as a new partner. The deal will help CA fill the $13 million void created by the Commonwealth Bank.
Magellan had reportedly finalised the terms of the deal long back. But the standoff between the cricketers and the cricket board had put the CA-Magellan signing on hold. The deal is now announced following last Thursday’s MoU between the CA and the players’ representatives.
CA has split the domestic sponsorship into two. Magellan thus will be named sponsors for the series, but the company’s logo will not appear on team apparel.
KFC has recommitted as major partner for the Big Bash and T-20 series cricket and all signs suggest Cricket’s financial prosperity has not been impacted by the pay war.
The Magellan deal is reported to be worth as much as $6-7 million, although some doubt was expressed from elsewhere in the industry that an investment company making its first foray into sports sponsorship in a bid to create some brand awareness would splash that much cash.
Cricket Australia was made to restructure its major sponsorship arrangements after the Commonwealth Bank had scaled down its broad commitment to the international game and focus more on sponsoring women’s, grassroots and disability cricket, Daily Telegraph has reported.
The Commonwealth Bank had earlier held naming rights for the Test series and logo rights for Australian national cricket team’s Test and one-day shirts.
MasterCard is stated to be the front runner for the team shirt sponsorship rights for the Tests, one-day internationals and T-20s. An announcement is expected shortly.
It was way back in early April that CA was anticipating it could soon announce its new list of corporate partners. However, that was all put on hold when the pay issue escalated into one of the ugliest disputes since World Series Cricket. Pressure from anxious corporate partners, coupled with CA’s determination to save the Bangladesh Test series, played a key role in dispute resolution.
Magellan co-founder Hamish Douglass said his company had full faith in cricket’s ability to deliver for major sponsors. “Test cricket is the premium form of the game and its attributes of patience, skill and dedication to excellence are aligned with Magellan’s approach to preserving and growing our clients’ wealth over the long term,” he said. “Test cricket has a large and diverse following throughout Australia and this partnership with Cricket Australia represents a unique opportunity to highlight the benefits of global investing and to position Magellan as a trusted partner in that journey.”
Magellan in a lucrative three-year deal becomes the naming rights sponsor of Australia’s home Test series. The agreement comes into force with the Ashes this summer.