BREAKING: Absa drops PSL sponsorship, but may take up one of the cups

Absa Bank will not renew their R140-million a season sponsorship of the premier division of South African football but the banking group is set continue its relationship with the Premier Soccer League (PSL).

The banking group's three-year sponsorship of the league comes to an end at the end of the current season but it has emerged that Absa could stay on and sponsor one of the PSL's topflight cup competition.

Insiders told TimesLIVE on Thursday that the 16-year relationship is not over and besides taking over one of the cup competitions, the two parties are also in talks about Absa coming on board as the official financial service provider.  

Absa Group chiefs executive officer Daniel Mminele said while their sponsorship of the league is coming to and end, they are exploring other alternatives to continue their reationship.

“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 Mminele.

“We would like to thank the PSL and the football community for the excellent partnership and support over the years."

PSL chairman Irvin Khoza said the league became a force after Absa's arrival. 

“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 Khoza.

“Memory is a prized component for football followers around the world. The period of 2007 to 2020 will be etched in the memories of football fans as a highpoint in the PSL.”

The original deal between the two parties in 2007 was worth R500 million.