THE Commercial Bank of Zimbabwe (CBZ) Holdings is ready to terminate its four-year contract with the Premier Soccer League (PSL) if the league finds a suitable replacement, a senior official of the bank has said.
CBZ last month suspended its sponsorship of the 2009 season due to the economic meltdown and instability in the banking sector.
CBZ Holdings group chief executive Nyasha Makuvise this week told IndependentSport that his bank was still unable to determine its capacity to fund the 2009 season.
He said the PSL was free to look elsewhere.
â€œThe issue relates to the well-being of soccer,â€ Makuvise said. â€œWe will not stand in the way of soccer development.â€
Makuvise said the bank would re-examine the contract later in the year.
â€œGoing forward, it means that we will review the situation later in the year and then review the contract. Assuming the PSL finds another sponsor, we can then agree on the way forward with PSL and the clubs.
What we want as CBZH is to get the sport of soccer developing.
â€œSoccer sponsorship has many facets.Â It is our considered view that various sponsors should finance various facets of soccer.Â We as the major sponsor were and still are not averse to co-sponsorship at all.â€
A prolonged socio-economic collapse in Zimbabwe has been worsened by a global recession, which has hit hard low-priority areas such as sport.
â€œIt is also our view that the general structure of soccer should be changed,â€ Makuvise proposed.
â€œThe viability of this business should be considered.Â We do not believe that outside sponsorships will be the only ones to support the viability of soccer.â€
BY ENOCK MUCHINJO