Bidvest Group ready to take over from Absa as PSL's new head sponsor - report

Bidvest Group ready to take over from Absa as PSL's new head sponsor - report Gavin Hunt, Bidvest Wits head coach (Gallo Images)

The Bidvest Group are reportedly set to become the Premier Soccer League's (PSL) newest head sponsor after Absa opted not to renew their current deal with the association.

Absa has enjoyed a 16-year relationship with football in South Africa, 13 of which (since 2007) have been as sponsor of the Absa Premiership.

Reports suggest that Absa was investing R140 million a season in the most recent three-year sponsorship deal that comes to an end after the conclusion of the current 2019/2020 campaign.

The news came as a major loss to the league which in November 2019 for the first time in its history declared a record R1 billion in revenue for the 2018/2019 financial year.

The league, which was previously sponsored by Castle Lager - then known as the Castle Premiership - from its inception in 1996 until 2007, will now be looking to secure a new title sponsor moving forward.

Bidvest, a South African service, trading, and distribution company, is currently the lead sponsor of Absa Premiership side Bidvest Wits.

According to FarPost website, the Clever Boys are set to sell the club which would see Bidvest pull out as lead sponsor for the Johannesburg outfit.

Due to the coronavirus pandemic, the PSL are exploring ways of completing the 2019/20 season and are reportedly considering an 18-team league for the 2020/21 campaign if the current season cannot be completed.

Minister of Sport Nathi Mthethwa revealed on Saturday, 30 May that contact sport can resume training under Level 3 of the national lockdown, starting Monday, 1 June.

However, clubs are playing it safe as they await further guidance from the PSL's governing body.

"We are affiliated to the PSL and until we get communication from them, only then we can pronounce," Kaizer Chiefs corporate communications manager Vina Maphosa told Daily Sun.

"At the moment, the guys are still training on-line, and players are still isolated. We are still doing virtual training and we are just awaiting further communication from the league."

- Compiled by Sport24 team