Australia’s shameful attempt to cheat in South Africa could cost Steve Smith and David Warner more than $5million each in wages and sponsorship deals after they were handed 12-month bans over the ball-tampering scandal.
The disgraced pair – along with opening batsman Cameron Bancroft – stand to lose their Cricket Australia wages, as well as those paid by their domestic teams and Big Bash League franchises while they serve their suspensions.
Smith and Warner were set to be Australia’s highest paid players in the lucrative Indian Premier League this year and would have earned $2.4million each for the Rajasthan Royals and the Sunrisers Hyderabad respectively.
Both deals were this week torn up by the Board of Control for Cricket of India.
Steve Smith and David Warner are set to lose more than $5million each in wages and sponsorship deals after they were handed 12-month bans over the ball-tampering scandal
Smith, along with Warner, had his $2.4million Indian Premier League contract torn up
David and Candice Warner are pictured with a Mclaren before the cheating scandal and subsequent huge hit to the cricketer’s pocket
That huge hit to the pocket comes on top of Smith’s $1.5million base wage under his Cricket Australia contract and Warner’s $900,000. Both players receive healthy bonuses.
Each are believed to be paid an extra $14,000 per Test, $7,000 for each One Day International and $5,000 per T20 international – which neither can take part in for the next 12 months.
Those massive losses all come before their personal sponsorship deals are affected, with lucrative contracts thought to be collectively worth well over $1million to each player set to be terminated.
Smith had been the face of breakfast cereal Weet Bix, but its owner, Sanitarium, this week removed all material related to the sacked Australian skipper from its website.
Warner, pictured with wife Candice, was set to earn $14,000 per Test, $7,000 for each One Day International and $5,000 per T20 international this year
American footwear giant New Balance said it would wait for Cricket Australia’s investigation to finish before making a decision on its partnership with Smith
His deal with American footwear giant New Balance – which said it would wait for Cricket Australia’s investigation to finish before making a decision – now hangs on a knife edge.
The fate of his lucrative deal with the Commonwealth bank is not yet known, with the company saying this week it was ‘disappointed’ with the events in South Africa.
Electronics company LG on Wednesday said it would not renew its soon-to-expire deal with Warner.
His deal with sportswear giant ASICS – along with Bancroft’s – was on Thursday terminated.
Smith had been the face of breakfast cereal Weet Bix, but its owner, Sanitarium, this week removed all material related to the sacked Australian skipper from its website
The former Test captain and vice-captain of the Test team were already on high base salaries of $2 million and $1.4 million before the ball tampering scandal in South Africa was revealed
‘The decisions and actions taken by David Warner and Cameron Bancroft are not something that ASICS tolerates and are contrary to the values the company stands for,’ a spokesman said.
Bat-maker Gray-Nicolls and Toyota are likely to follow suit, though his partnership with Channel Nine is said to be safe, at least for now.
Meanwhile, investment firm Magellan dropped a bombshell on Thursday, announcing the ball-tampering conspiracy was ‘so inconsistent with our values’, it was ending its three-year deal.
The deal with the ASX-listed financial services provider was only signed in August 2017.
David Warner was on a lucrative wicket, with his website listing a range of sponsors, including Nestle Milo, Toyota, footwear maker ASIC and Korean electronics giant LG
The fate of Smith’s lucrative deal with the Commonwealth bank is not yet known
‘We were delighted with the recent Magellan Ashes Series sponsorship and it is with a heavy heart that we have to end our partnership in these circumstances,’ chief executive Hamish Douglass said in a statement to the stock market on Thursday.
Key Cricket Australia sponsor Qantas, whose flying kangaroo logo is emblazoned on the jerseys of the Test team, has described the scandal as ‘deeply disappointing’.
The Commonwealth Bank said it had requested a ‘full explanation from Cricket Australia following the conclusion of its investigation into this affair’.
Brand reputation specialist Jim Stiliadis, of Six O’Clock Advisory, said sponsorship contracts had ‘disrepute’ clauses.
‘The major sponsors would be reassessing their positions with regard to the specifics of their contracts with the players, such as disrepute clauses,’ he told The Australian.
‘But they are likely to do nothing until they know the outcome of Cricket Australia’s investigation.’