Standard Bank announce record deal

South African cricket received a second big cash boost in a week after Standard Bank announced it was to renew its sponsorship for the next three years, having agreed a deal worth R125million. In the next three years, the bank will give R106million to international and domestic limited overs cricket, with an extra R19million going to support South Africa's development programmes.

The sponsorship is the biggest sports deal in South African history and comes just two days after Castle Lager announced their three-year deal worth R60million to sponsor of the Test team and Test series. Under the new sponsorship agreements, Standard Bank will be the sole sponsor of the one-day side.

"This contract is an extension of our commitment to building South Africa's cricketing future and ensuring investment in the development of future players," the bank's marketing director Sarah-Anne Orphanides told a press conference on Wednesday. "We have been associated with cricket in South Africa for the past nine years, beginning with the sponsorhip of limited overs cricket in 1996. We use our alignment with the national team as a way of building and strengthening relationships with our customers. The positive association resulting from a shared passion with our customers for a winning team helps us to build our brand."

Gerald Majola, the chief executive of the South African board, said: "This investment ... is a mighty vote of confidence in the game by one of South Africa's leading financial institutions. By including development in its sponsorship, Standard Bank has set an example to South African commerce and industry by supporting the capacity building of our youth through cricket."

South Africa's new coach Mickey Arthur was delighted with the opportunity to improve cricket at grassroots level. "We need to be able to identify new talent to take the place of the current national team in time," said Arthur. "Grassroots development is crucial to the game, and so we are very excited about this new sponsorship."