Football Association of Malawi (FAM) has confirmed that FISD Company Limited, sponsor of FISD Challenge Cup, has terminated the sponsorship deal which was due to expire on 31st December, 2021.
On Saturday, 9th January 2021, FAM Executive Committee held its first quarterly meeting of 2021 at the Sunbird Nkopola in Mangochi where it accepted the decision by the company to pull out of the deal with a year to go on their contract.
In a statement released on Sunday, the Association said the decision is a huge setback and a big loss to Malawian football but FAM fully understands the situation which the company is at the moment.
“The Committee resolved to accept FISD Company LTD decision to pull out of sponsorship deal which expires on 31st December 2021 despite the Company having an obligation to release sponsorship funds for the 2020/2021 season.
“FISD has indicated that the decision has been arrived at due to current business operating environment of the Company and its Directors.
“FAM fully understands the plight of the Company and is saddened that its five-year relationship with FISD LTD has come to an end in this unceremonious manner without a befitting send-off on the field of play due to Covid-19 situation and other non-footballing reasons.
“The withdrawal of the sponsorship is a huge setback and big loss considering the impact the Cup had on Malawi Football since it was introduced in 2016. To date, the FISD Challenge Cup was the only National Cup that provided a platform for amateur district teams to play against elite Super League teams,” reads the statement.
In 2020, Malawi Police’s financial crimes busting department dubbed Fiscal Police, arrested four directors of the Company over alleged fraud and this might be one of the many reasons that the Company has pulled out.
This means elite clubs will only compete in the inaugural FDH Bank Cup which came on board last season but will roll into action this year.
In the 2019, Castel Malawi Limited pulled out due to high taxation from government and Airtel Top 8 cup’s three-year contract came to an end last season.
