The Standard Bank of Malawi has withdrawn the sponsorship of Knock-out sponsorship in which six top Super League automatically qualify for the quarterfinals while two other teams are voted in by the bank’s customers.
The bank announced on Friday they have withdrawn the sponsorship, citing “changes in macroeconomic environment” as reasons.
In a statement made available to Nyasa Times, Standard Bank said it has become increasingly challenging to grow the revenue of the bank at a pace that match the increasing costs of running the trophy.
“In light of the changes in the macroeconomic environment and all the attendant business challenges, the bank has had to refocus its strategy,” a statement says.
Standard Bank says it has become “increasingly challenging” to grow the revenue of the bank at a pace which allows the financial institution matches the increase in costs.
“We have been forced by these circumstances to become more introspective about how we think about continuing to build a sustainable business going into the future. As a consequence, we have had to take a closer look at our revenue structure and potential, as well as our cost structure, and we have unfortunately found ourselves needing to make some uncomfortable decisions,” the bank said.
Standard Bank has been bankrolling the trophy since 2007 and the bank said they are “very proud “of the contribution they have made towards football development in the country.
“It goes without saying that football standards have improved as witnessed by the record number of players that have turned professional,” the statement adds.
Standard Bank Cup organising committee chairperson Jabber Alide expressed “shock” with the bank’s announcement.
Civo United are cup holders of the Knock-Out after they defeated Mighty Be Forward Wanderers.