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Absa bailing shows bleak outlook for sport sponsorships

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Advertising rands are going to have to work much harder and any sponsorships will have to prove, in real numbers, that they offer a decent return on investment.

Absa Premiership Young Player of the Season - Siphesihle Ndlovu during the Premier Soccer League 2017/2018 Awards evening at Sandton Convention Centre on May 29, 2018 in Johannesburg, South Africa.

Thursday’s announcement by Absa that it has ended its R100 million-plus annual sponsorship of the Premiership football competition is an ominous harbinger of worse things to come … for sport in general. Undoubtedly that played a major role in the decision of the bank, but its spokespeople were at pains to stress that the pandemic had come after a sustained global economic downturn and a general weakening of South Africa’s own financial situation.

Absa’s frank admission about the difficult money crunch in which it finds itself is a sentiment which will be echoed in the boardrooms of some of the country’s blue-chip companies.

Source: News Formal (newsformal.com)

 

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