2 min read

Rugby Australia Misses Out On Major Sponsor After Greensill Capital Liquidation


[mkdf_dropcaps type=”normal” color=”#f55549″ background_color=””]R[/mkdf_dropcaps]
eports have emerged Rugby Australia was close to finalising a major partnership with GFG Alliance, before businessman, Sanjeev Gupta’s company faced financial trouble due to the liquidation of Greensill Capital.

Greensill Capital, the main financer of GFG, recently became insolvent and was voted into liquidation by creditors this week, leaving GFG owing a reported $6.56 billion to Greensill and Gupta working to secure refinancing for the amount owing.

According to The Australian, Rugby Australia had printed Wallabies jumpers with the GFG Alliance logo on the front and had been involved in negotiations with the company for months before the partnership was terminated.

The paper reported the partnership would at least have matched the $5 million annual fee Qantas was paying for the major Rugby Australia partnership before ending the deal last year amid the COVID-19 pandemic.

Following the failed partnership discussions, Rugby Australia has reportedly indicated they are confident of finding a replacement sponsor within the next month for the Wallabies jumpers.

The partnerships discussion come ahead of Rugby Australia’s annual general meeting (AGM) on Thursday, where the organisation will reveal its financial results for the 2020 calendar year.

GFG Australia remains a major partner of AFL club, Port Adelaide, despite the financial concerns, with the club indicating GFG has paid all its instalments on time and in full to date.

It's free to join the team!

Join the most engaged community in the Sports Business World.

Get all the latest news, insights, data, education and event updates.