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R500m sponsorship for soccer
26/09/2007 18:05 - (SA)
Johannesburg - Sponsorship money poured in on Wednesday as the PSL continued to raise the stakes in a game of soccer poker and Absa Bank announced they would be the new benefactors of the Premier League to the tune of R500m over the next five years.
Absa will take over from long-time sponsors South African Breweries, who seemingly viewed the increased ante as altogether excessive, diplomatically declared the objectives of their Castle Beer brand had been met and in the spirit of bonhomie would continue as a League supplier.
At the same time, Absa will relinquish their existing sponsorship of the Absa Cup, with a new sponsor to be announced next week.
What Absa's cross-over means is that the Premier League's sponsorship has gone up dramatically, with PSL chairperson Irvin Khoza giving the assurance that the winner of the competition will receive more than double the record R4.25m prize money that currently goes into the coffers of the Telkom Knockout winners.
"The sponsorship deal was only agreed on 24 hours ago," added Khoza, "and the breakdown of prize money has yet to be finalised, but I can give the assurance that it will double the present record amount for a winner of one of the PSL's tournaments - and maybe even more than that."
What it means, therefore, is that the winners of the 2007/8 Premier League will be receiving more than three times the amount that Mamelodi Sundowns obtained for their championship success last season.
Bucketsful of money
The latest announcement comes in the wake of the PSL's whopping R3.6bn deal with SuperSport for TV rights over the next five years and emphasises that bucketsful of money is pouring into the League as though it has gone out of fashion.
But with it the simmering controversy over commissions for officials is sure to raise its ugly head again, with the R150m due to be paid out in this respect for the TV coup described as immoral and raising waves of indignation of a tidal dimension.
And like any bold and provocative poker exponent, the ultimate test for the PSL will be when they have to reveal their hand and demonstrate whether they have the cards to justify their new-found wealth - or whether they were simply bluffing.
- SAPA
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