The Magellan Financial Group will terminate its partnership with Cricket Australia as a result of the ball tampering scandal in Cape Town.
The three-year sponsorship deal Magellan signed with Cricket Australia in August last year gave the group naming rights for Test series played in Australia.
Magellan said in a statement the deal was based on values of integrity, leadership, dedication and an unwavering customer-first culture.
Magellan co-founder and chief executive officer Hamish Douglass said the ball tampering incident involving Steve Smith and David Warner was in conflict with these values.
“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,” Mr Douglass said.
“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.”