Former Australia captain Steve Smith and opener David Warner have both been handed one-year bans for their part in the ball-tampering crisis which has engulfed the nation’s Test team, with Cameron Bancroft given a nine-month suspension.
Here we take a look at what the financial implications are likely to be for Smith and Warner.
WAGES
Smith and vice-captain Warner were among the high earners players in the squad with wages – including bonuses – of around Australian $2 million (Dh5.6m) each.
In the wake of the fall-out from the scandal, Warner also stepped down from his role as skipper of Indian Premier League franchise Sunrisers Hyderabad, whom he helped take to a first title in 2016. Both players had contracts worth Australian $2.4m dollars (Dh6.7m), with Smith retained by Rajasthan Royals for the 2018 campaign. However, following confirmation of Cricket Australia’s stance, the IPL confirmed both men would be banned “with immediate effect from participation” in the Twenty20 tournament this year.
SPONSORS
Income from endorsement deals is also likely to start to dry up. One of Warner’s commercial partners LG confirmed “in light of recent events” that the electronics company would not be renewing their partnership, which was coming towards the end of the current deal. A spokesperson for Toyota Australia, meanwhile, revealed the car manufacturer was “aware of Cricket Australia’s decision” adding “we are working with David Warner and his management team regarding this situation.”
Aged 28 and the top-ranked Test batsman in the world, Smith was very much a marketable asset before the events in South Africa. The former Australia captain had long fronted Weet-Bix television commercials, while also being a global ambassador for sportswear giant New Balance. However, images of Smith have been removed from the website of the breakfast cereal, and it remains to be seen how the fallout will impact his other personal financial relationships. Cricket Australia’s leading sponsors Magellan, a fund management group, and travel partner Qantas both having also expressed dismay at the events surrounding the team.
BROADCAST DEAL
Cricket Australia is close to renegotiating its broadcast rights. According to reports, the board was expecting a bid of around AUS$ 1 billion (Dh2.8b) for the broadcast rights. However, due to market conditions and the ongoing scandal a bid of around AUS $700 million (Dh1.9b) seems more realistic.
“It’s hard to put a dollar figure as to how much this particular issue will cause losses for Cricket Australia,” sports management lecturer at Deakin University was quoted as saying by ABC. “They are not going to get that [$1 billion], and I think it’s probably going to be closer to the $600-700 million mark.”
