Betway takes over reins as new PSL Sponsor after cash-strapped DStv pull out plug

Betway, an online gambling company has seized the reins as the new sponsor of the Premier Soccer League (PSL), stepping in swiftly after cash-strapped DStv unexpectedly pulled the plug on their sponsorship deal.

The Premier Soccer League (PSL) chair Irvin Khoza made this announcement today, presenting Betway as the new sponsor of the Premiership, following DStv’s unexpected withdrawal. The announcement was made during a press conference, marking a significant shift in the league’s commercial partnerships.

DStv, which replaced Absa as the PSL sponsor in 2020, had initially agreed to a five-year deal.

However, the TV company has pulled out a year before the contract’s conclusion, citing substantial revenue losses and a decline in subscriptions. This financial strain was further exacerbated by the departure of MultiChoice Group CEO Imtiaz Patel, a close associate of Khoza, according to reports from Sowetan and TimesLIVE.

Addressing the media, Khoza stated, “As of this press conference, Betway is the new sponsor of the Premiership.” When asked about the details of the new sponsorship deal, he revealed, “It’s a three-year sponsorship for about R900 million.”

The sudden change in sponsorship comes as a relief to the league, ensuring financial stability and continuity for the upcoming seasons.

With Betway stepping in, the PSL can focus on delivering another exciting football season, starting on August 3, as previously scheduled.

DStv ends Premiership sponsorship amidst revenue decline

DStv, the official broadcaster and sponsor of the PSL, has decided to end its sponsorship deal just three years into a five-year contract signed in September 2020. This development follows a significant revenue loss attributed to a sharp decline in subscriptions and the recent departure of MultiChoice Group CEO, Imtiaz Patel.

Sources within MultiChoice, speaking anonymously, revealed that the financial strain has made it untenable for DStv to continue its sponsorship commitments. The news comes as a surprise to many, given the long-standing relationship between the PSL and its previous sponsor, Absa, which lasted for 13 years.

Despite these financial hurdles, PSL Chairman Irvin Khoza has assured fans and teams that the league will commence as scheduled on August 3. Addressing speculation that the Premiership might be delayed due to the sponsorship crisis, Khoza confirmed, “I can tell you the league is starting on August 3. We will release the fixtures this afternoon [Wednesday].”

As the PSL navigates this challenging period, stakeholders and fans alike will be closely watching how the league adapts to the sudden withdrawal of its key sponsor and the potential impact on the upcoming season.