Article By: Lloyd M’bwana
The country’s financial institution Standard Bank has sent shivers to soccer lovers following its decision to withdraw its MK43 million football knock-out cup sponsorship due to the volatile economic situation currently prevailing in Malawi.
The development marks the end of the eight years sponsorship romance the company had to Malawi Super League lovers which will likely affect the domestic football as only Carlsberg Malawi and TNM remain on the scene for now.
The sad development comes barely a month in the new year after the country’s leading telecommunication limited Airtel Malawi restructured its operation by laying off some employees while on the other hand the nation’s chain stores, People Trading Centre (PTC), a subsidiary of Press Corporation Limited (PCL) closed 20 of its 85 shops nationwide because their performance was negatively impacting on the company’s profitability.
Not only that, the British sole registered airline, Fastjet intends to suspend flying into Malawi barely few months after launching its services between Lilongwe and Tanzania with their last flights slated for February 8, 2016.
In a press statement released on Friday, February 5, which is available to The Maravi Post, the bank’s change of tune is attributed to the macroeconomic environment and all attendant business challenges which had no choice but to pull out.
The bank it was happy with the impact it had made towards the improvement of the domestic football which gave game time for teams to compete while on the other hand earning a living.
“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. We have unfortunately, found ourselves needing to make some uncomfortable decision”, reads the bank’s withdraw statement.
Football Association of Malawi (FAM) General Secretary Suzgo Nyirenda confirmed the recipient of the bank’s statement of withdrawing sponsorship by describing the move as a big blow to the soccer fraternity.
“Obviously, it’s a big blow as we have been relying on this sponsorship for a long time this will affect our domestic football. But we have no choice but on their decision which we are to response through a statement”, alarmed Nyirenda.
The capital city giant, Civo Service United is the current holders of the Standard Bank Cup after they beat Be Forward Wanderers 1-0 at Civo Stadium in October, 2015…
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