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Magellan terminates partnership with Cricket Australia

“Conspiracy broke the rules with a clear intention to gain an unfair advantage”
Ashes Test on Boxing Day at MCG
Naming rights sponsor says ball tampering incident is inconsistent with its values

Magellan Financial Group Ltd (ASX:MFG) has terminated its partnership with Cricket Australia, citing the ball tampering incident of the national men’s team in South Africa.

The three-year agreement has been terminated less than a year after it was signed in August 2017.

Magellan was naming rights sponsor of the Australian men’s domestic test series, which began with the recent Ashes series.

The company said the agreement was based on shared values and reputations of integrity, leadership, dedication and an unwavering customer-first culture.

Conspiracy “goes to the heart of integrity”

Magellan’s co-founder and CEO Hamish Douglass said: “A conspiracy by the leadership of the Australian Men’s Test Cricket Team which broke the rules with a clear intention to gain an unfair advantage during the third test in South Africa goes to the heart of integrity.

“Regrettably, these recent events are so inconsistent with our values that we are left with no option but to terminate our ongoing partnership with Cricket Australia.

“We were delighted with the recent Magellan Ashes Series sponsorship and it is with a heavy heart that we have to end our partnership in these circumstances.”

Specialist funds management business

Magellan is a specialist funds management business established in 2006 and based in Sydney, Australia.

Its core operating subsidiary, Magellan Asset Management Limited, manages more than $65 billion of funds under management across its global equities and global listed infrastructure strategies.

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Magellan Financial Group Ltd Timeline

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