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Telstra to end Sydney naming rights deal

Australian telecoms company Telstra is to cut short its naming rights sponsorship of Sydney's Olympic stadium according to Australian media reports.

The company will pull out of its deal, before its contract expires, as part of a wider move to wind down its financial commitments to local sport.

Telstra is expected to keep long-term sponsorship of Australia's swimming team, but earlier this year said it would pull out of its sponsorship of Athletics Australia - which is worth about $1 million each year – at the end of this month.