- The Premier Soccer League (PSL) has announced the end of its relationship with main sponsor Absa.
- The announcement brings to an end a 16-year relationship that will be a major loss to South African football.
- PSL chairperson Irvin Khoza thanked Absa for ushering in an era of true professionalism in local soccer.
Absa will end their sponsorship of the Absa Premiership when its contract with the Premier Soccer League (PSL) expires at the end of the current season.
Absa has enjoyed a 16-year relationship with football in South Africa, 13 of which (since 2007) have been as sponsor of the Absa Premiership.
According to reports, Absa was investing R140 million a season in the most recent three-year sponsorship deal that comes to an end at the end of the current 2019/2020 campaign.
"We have enjoyed a long and fruitful relationship with the PSL and have supported the PSL’s work in South African football and sports development. While we will no longer be the anchor sponsor for the PSL, soccer will always remain close to our hearts. We are therefore exploring alternative options to continue our relationship with the PSL," said Daniel Mminele, Chief Executive of Absa Group.
"We would like to thank the PSL and the football community for the excellent partnership and support over the years," Mminele added.
PSL chairperson Irvin Khoza added: "The Absa Premiership era will forever be a reference point for football glory, both in terms of club development and player performance in our sports history. The PSL is grateful to Absa for strengthening the league to true professionalism," said PSL chairperson, Irvin Khoza.
"Memory is a prized component for football followers around the world. The period of 2007 to 2020 will forever be etched in the memories of football fans as a highpoint in the PSL," Khoza added.
The news will come as a major loss to the league which in November 2019 for the first time in its history declared a record R1 billion in revenue for the 2018/2019 financial year.
The league, which was previously sponsored by Castle Lager - then known as the Castle Premiership - from its inception in 1996 until 2007, will now be looking to secure a new title sponsor moving forward.