Cricket's "sponsorship freeze is over with a new Ashes partner on board" to help fill the A$13M ($10.3M) void left by Commonwealth Bank, according to Ben Horne of the Sydney DAILY TELEGRAPH. Financial group Magellan "signed a lucrative three-year deal" to be the naming rights sponsor of the Australian home Test series, starting with this summer's Ashes. Magellan had reportedly "virtually agreed to terms months ago but held off on signing on the dotted line" until the pay dispute saga was sorted and "the Ashes was set in stone -- hence why a deal has been announced just days after an MOU heads of agreement was drawn up." The Magellan deal could reportedly be worth as much as A$6M-A$7M ($4.7M-$5.5M), "although some doubt was expressed from elsewhere in the industry" that an investment company making its first foray into sports sponsorship in a bid to create some brand awareness "would splash that much cash." Cricket Australia had to "restructure its major sponsorship arrangements after the Commonwealth Bank made the decision to scale down" its commitment. Under the previous deal, Commonwealth Bank held naming rights for the Test series as well as logo rights on the Australian Test and one-day shirts. However, CA "has now split the domestic sponsorships into two compartments," with Magellan a sponsor for the series "but not to appear on team apparel." KFC has recommitted as a major partner for the Big Bash and Twenty20 series, and "all signs suggest" that cricket’s "financial prosperity has not been impacted by the pay war" (DAILY TELEGRAPH, 8/7).
