Springboks lose jersey sponsor

Cape Town - The Springboks are set to lose their jersey sponsor after Absa decided not to renew its contract with the South African Rugby Union (SARU).

According to the Sunday Times, the slow pace of transformation is one of the reasons for the decision.

It is believed that the deal was worth R100m a year for just the Springboks and R600m in total for the four-year period.

This follow after a report earlier in the year which indicated that Absa would also not renew its sponsorship for the 2016 Currie Cup.

Absa, previously under the guise of Santam Bank and Bankfin, has backed the Currie Cup, one of the oldest competitions in world sport, since 1985.

SARU is reportedly in discussions with another bank, FNB, about sponsoring the Currie Cup as well as the Springbok Sevens team, who have also been sponsored by Absa.