Beleaguered global retailer Steinhoff International has pulled the plug on its sponsorship of the Varsity Cup rugby tournament following the collapse of its share price late last year.
Steinhoff reported accounting irregularities last month‚ which resulted in its market value collapsing by about 85%‚ or R187-billion. Its chief executive Marcus Jooste resigned. The company sponsored the Varsity Cup and is also the headline sponsor of the SA Sevens team‚ the Blitzboks.
Varsity Cup chief executive Duitser Bosman confirmed Steinhoff’s decision yesterday.
He gave an assurance that all efforts were being made to ensure that the tournament would start on January 29.