Rugby Australia has begun its search for a new banking sponsor after multinational HSBC opted not to renew its contract with the national governing body.
The pair’s association dates back six years but the Sydney Morning Herald newspaper reports that this will not extend into 2020 as HSBC looks to revamp its sponsorship strategy in Australia.
It is claimed that Rugby Australia is actively seeking a new sponsor in the banking sector.
The current contract with HSBC incorporates signage at all home matches played by Australia, as well as matchday ticketing and corporate hospitality packages and player appearances at company events.
It is also thought that talks to extend Rugby Australia’s deal with Qantas Airways, title sponsor of the Australian men’s rugby team, are at an advanced stage.
Despite the exit from Rugby Australia, HSBC retains a strong interest in the sport. It is title sponsor of World Rugby’s Sevens Series in an agreement that runs until 2022-23. The deal is valued at between $10m (€9m) and $12m per year, according to SportBusiness Sponsorship.
In addition, it has a tie-up with Canada Rugby which will run through until 2020.