Woes for Zimbabwe team sponsorsPosted by brmtaylor.com admin on September 28, 2007
On Wednesday September 26, legislation was pushed through Zimbabwe parliament which will see Zimbabweans have a 51% stake in foreign owned firms. The so called "empowerment bill" has created a sense of uncertainty among many foreign owned firms, including those in the business and mining sector.
Two companies at risk, are Old Mutual (based in Britain) and Standard Bank (South Africa).
Ross Linstrom, a spokesperson for Standard Bank, told Reuters (link), "We are still reviewing the legislation and the process by which it will be implemented".
Old Mutual would be doing likewise.
Old Mutual is the Zimbabwean cricket teams major sponsor, and any risk of losing them as a sponsor could have a detrimental effect on Zimbabwe Cricket. Old Mutual's logo has been on the Zimbabwean ODI strip (and more recently, the Twenty20 strip) for several years, after taking over the position from Bata footwear.
Standard Bank sponsored the 2007 domestic Twenty20 tournament in Zimbabwe.