Steinhoff has withdrawn as a sponsor of the Varsity Cup tournament.
Steinhoff CEO Marcus Jooste resigned in early December due to financial irregularities, and the company’s shares crashed by 61%. The Blitzboks and Steinhoff have already parted ways, and on Wednesday it was confirmed that Steinhoff will no long sponsor South Africa’s intervarsity tournament.
The process has already begun to secure a new sponsor for the competition.
The first round of matches will commence on 29 January.
Photo: Anne Laing