Industry fund sporting sponsorship in question
One of the most high profile sporting sponsorships ever undertaken by an industry superannuation fund — the Hostplus sponsorship of the Melbourne Storm — is now under review.
In a brief statement issued late yesterday, the big hospitality industry fund said it was currently considering the results of the National Rugby League’s investigation into the Melbourne Storm’s salary cap breaches and that a further statement would be issued later today.
Hostplus was among the first industry funds to provide sponsorship for a major sporting team — with critics questioning whether it represented an appropriate use of members’ funds.
The National Rugby League announced yesterday that the Melbourne Storm’s winning of the 2007 and 2009 grand finals were invalid and that it would be stripped of all points this year as a result of long-term salary cap breaches.
AUTHOR
Mike Taylor
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