Standard bank Withdraws cup

Standard Bank yesterday dropped a bombshell when it announced the withdrawal of the K43 million Standard Bank Knockout Cup sponsorship due to the tough economic climate.

The development ends the bank’s nine-year romance with domestic football dating back to 2007 when the tournament was introduced.

Football Association of Malawi (FAM) president Walter Nyamilandu and the association’s competitions sub-committee chairperson Jabbar Alide confirmed the development yesterday describing it as a big setback.

In a statement issued yesterday, the bank stated that: “In light of the changes in the macroeconomic environment and all the attendant business challenges, the bank has had to refocus its strategy.

“What has become apparent in recent years is that, it has become increasingly challenging to grow the revenue of the bank at a pace which matches the increase in costs. We have been forced by these circumstances to become more introspective about how we think about continuing to build a sustainable business going into the future.”

It further stated that as a consequence, it had to take a closer look at its revenue structure and potential, as well as its cost structure, “and we have unfortunately found ourselves needing to make some uncomfortable decisions.”

The financial institution has since expressed immense gratitude to FAM for a solid and fruitful partnership relating to the Knockout Cup that dates back to 2007.

“This partnership allowed us to play our part in promoting the social transformation of the youth through sponsorship of the cup.

“As Standard Bank, we are very proud of our contribution towards football development in the country. It goes without saying that football standards have improved as witnessed by the record number of players that have turned professional,” reads part of the statement.

Standard Bank also recalled with fond memories that it was during the subsistence of the cup that the Malawi national team, the Flames, qualified for the Africa Cup of Nations in 2010 in Angola after 26 years in the wilderness.

“In addition, the cup has been a medium for uniting fans in the football fraternity and a grand source of pride.

“Standard Bank is, therefore, very pleased to be associated with the positive impact that the Knockout Cup has had on the country’s socio-economic development.”

Nyamilandu described it as a huge setback.

“It is a big loss. We treasure the good times and support the bank gave to the game of football,” he said, adding: “ It’s more painful when the reasons given are not football related.”

Nyamilandu blamed the bank for giving a short notice of withdrawal.

“We also wish they could have given us adequate notice of one more season to look for another sponsor,” he lamented.

Meanwhile, the FAM leader said they will now hunt for a new sponsor for the trophy.

“We will court the corporate world because the door is open for any interested sponsors,” he said.

On his part Alide, who is also FAM executive committee member, said: “We note with severe sadness that they [Standard Bank] have withdrawm, but the [economic] problems are affecting everyone and we understand their position.

“Nevertheless, we are very thankful to them for being with us for many years. The tournament has helped produce and develop talent and we will always be indebted to them.”

The withdrawal leaves the country with three national football tournaments, namely the TNM Super League, Carlsberg Cup and the usually elusive Presidential Cup.

Big Bullets vice-chairperson Sadiki Malinga described it as a big blow.

“It is a huge setback because it was one of the major and beneficial trophies. It was played over a short period of time and it was rewarding as well as exciting.

“It pains us because the decision has come at a time when we were looking forward to ending the Standard Bank Cup jinx since we have never won it,” said Malinga.

Civil Service (Civo) United were the last team to win the cup last year after edging Be Forward Wanderers 1-0 in the finals.