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Breaking: Absa Cuts Ties With PSL

The Premier Soccer League has today confirmed that it’s severed ties with one of its major sponsors, ending a relationship that has existed since 2007.

In a lengthy statement released on Thursday morning, just as the board of governors meeting with all member clubs got underway, the league confirmed that title sponsors Absa had ended its 16-year relationship.

Read: Four Scenarios For Chiefs' CAF Return 

The contract, which the Siya crew had reported earlier last month that it had an added option of a further two years, has not been extended.

“We have enjoyed a long, 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 Absa Group chief executive, Daniel Mminele.

The 2019/20 season was halted back in mid-March by the Coronavirus, but looks set to resume in the coming weeks pending government approval.

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A replacement title sponsor will no doubt be a priority now that a huge chunk of the league’s revenue stream – just over R136-million came in from Absa last year – is no longer part of the equation going forward.

PSL chairman Irvin Khoza said: “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.”

Story by @superjourno

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