Steinhoff has withdrawn as a sponsor of the Varsity Cup tournament.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.

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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