Cricket Australia dropped by top sponsor Magellan after cheat storm

One of Cricket Australia's biggest sponsors, fund manager Magellan, today tore up its contract with the governing body over the ball-tampering scandal that has rocked the game.

Almost simultaneously, sporting goods company ASICS announced it was ending its relationship with David Warner and Cameron Bancroft, two of the players at the heart of the cheating incident.

Magellan inked a three-year partnership in August 2017 as naming rights sponsor for Australia's domestic Tests in a deal estimated at the time to be worth Aus$$20 million. It began with the recent Ashes series against England.

This, it said, was based on "shared values and reputations of integrity, leadership, dedication and an unwavering customer-first culture".

"A conspiracy by the leadership of the Australian men's Test cricket team which broke the rules with a clear intention to gain an unfair advantage during the third Test in South Africa goes to the heart of integrity," said Magellan chief Hamish Douglass in a statement.

"Regrettably, these recent events are so inconsistent with our values that we are left with no option but to terminate our ongoing partnership with Cricket Australia.

"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."