Cricket Australia refuses $10 million per annum from McDonald’s sponsorship contract in favour of KFC
Cricket Australia has officially declined a sponsorship of $10 million per annum from the McDonald’s fast-food chain.
McDonald’s had sought to take the Big Bash League naming rights from their rival, and long-term supporter of the competition, KFC, according to the Sydney Morning Herald.
The decision means that KFC will potentially expand its current agreement with Cricket Australia, estimated to be worth $8 million a year in a contract.
“KFC is our long-established partner and loyalty is vital to us in times like these,” a CA spokesperson told the Herald.
At present, KFC is charging $6.5 million a year for the naming rights. The contract is now being extended at $8 million per annum, according to the article.
McDonald was willing to pay $10 million a year for BIG BASH ‘s title sponsorship as a counter bid, but Cricket Australia opted to continue to push forward with KFC.
Since it was founded, the chicken shop has been sponsoring the Big Bash and has a 15-year relationship with Cricket Australia’s Twenty20 tournaments.
KFC ‘s commitment as a supporter of Cricket Australia will certainly hold extra significance for the administrator as it has lost two partners with naming rights to test matches in the past three years.
Cricket Australia’s decision to turn down extra money in favour of loyalty comes as the president faces harsh financial conditions.
Recently it was forced to slash 40 jobs from its headquarters as part of a $40 million slash in its spending.
