Less than a week after retailer Steinhoff International pulled its sponsorship of the Varsity Cup‚ SA Rugby on Monday confirmed that the beleaguered company had withdrawn its sponsorship of the Blitzboks.
Following the collapse of its share price late last year after Steinhoff reported ‘accounting irregularities’ last month‚ their share price went into freefall.
Its market value collapsed by approximately 85%‚ or R187bn. Its chief executive Marcus Jooste resigned.
The latest development means the Springbok Men’s and Women’s‚ and SA Rugby Sevens Academy teams will no longer carry the company’s logo. “We have been kept informed by Steinhoff of their thinking and they have confirmed their intention to withdraw from their sponsorship of Sevens rugby with immediate effect‚” said Jurie Roux‚ CEO of SA Rugby.
“It has been completed amicably and by agreement. We’d like to thank Steinhoff for their commitment and support over the past two seasons.”