MTN ditches Qhubeka despite 5th placed Tour de France finish

MTN ditches Qhubeka despite 5th placed Tour de France finish

Citing tough market conditions, cellphone giant MTN has confirmed its withdrawal as headline sponsor of the MTN-Qhubeka cycling team.
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MTN yesterday reported an expected 15 percent decline in earnings, due mainly to the weaker exchange rates. And the problem with worse than expected earnings is the trickle down effect. We saw it a couple years ago when Standard Bank pulled its sponsorship of cricket. This may have opened an opportunity for Sunfoil, but the value of the deal was far less. The repercussions of the MTN earnings will hit the cycling fraternity. And despite a well earned fifth placed finish in this year's Tour de France, MTN is pulling sponsorship of the Qhubeka team. And it is difficult to argue against the move given the company has spent R100 million since 2013. – Stuart Lowman

From Sport24

Cape Town – Citing tough market conditions, cellphone giant MTN has confirmed its withdrawal as headline sponsor of the MTN-Qhubeka cycling team.

MTN had spent in the region of R100 million on the team since 2013.

The SA outfit delivered a stunning all-round performance at the recently concluded 102nd edition of the Tour de France, finishing fifth overall (out of 22 teams) under the leadership of team principal Doug Ryder.

The team also celebrated seven Top 5 stage finishers and 14 Top 10 results.

Belgian Serge Pauwels was the leading overall finisher for the team, ending the 21-stage race in 13th position, while Eritrean Daniel Teklehaimanot held the King of the Mountains polka dot jersey for four days.

Briton Stephen Cummings won Stage 14 which was particularly memorable as it came on what would've been former SA President Nelson Mandela's birthday.

Of the 160 (out of 198) finishers in the race, South Africa's Jacques Janse van Rensburg finished 51st while his namesake – yet no relation – Reinardt Janse van Rensburg ended 96th.

The third South African in the team, Louis Meintjes, unfortunately had to pull out of the race ahead of Stage 18.

Qhubeka will compete at this year's Vuelta a España, scheduled to start on August 22. Whether they will have landed a new headline sponsor by then remains to be seen…

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