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Cricket Australia is close to securing a financial services firm as its new home test naming rights partner in a deal believed to be worth between $6 and $8 million annually, Sponsorship News can reveal.
Magellan Financial, an ASX-listed investment services firm with almost $43 billion in funds under management, is set to sign a naming rights deal with CA in the coming weeks, according to multiple sources familiar with the deal.
The partnership is being brokered by TRM Partners, a UK-based agency which has been drafted in by Cricket Australia to fill the vacancies left by departed home test and one-day naming rights sponsors, Commonwealth Bank and Victoria Bitter.
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CA was initially believed to be targeting an a sum in excess of $10 million for the test naming rights, particularly in a lucrative Ashes year, but the market has been tough to crack as negotiations for a new memorandum of understanding with the players' union have taken a spiteful turn.
While Magellan is on the cusp of signing a contract worth between $6-8 million per season, the deal is in limbo until a new agreement is struck between CA and the Australian Cricketers' Association.
Insiders have said there is virtually no prospect of an MoU deal by the end of the week, with little chance of even a heads of agreement being put in place. From next week, the ACA will take control of players' intellectual property, putting ongoing talks with other prospective sponsors in further jeopardy.
It is unclear exactly what assets Magellan will hold as part of the deal, but it is believed to include naming rights to the upcoming Ashes test series and a significant signage presence across the home summer.
It is also unclear why Magellan, which operates a string of eight global equities, hedge funds and investment portfolios, is seeking to sign a consumer-facing sponsorship.
A spokesperson for Cricket Australia declined to comment. Magellan has been approached for comment.