Picture: ISTOCK
Picture: ISTOCK

Beleaguered global retailer Steinhoff International has pulled the plug on its sponsorship of the Varsity Cup rugby tournament following the recent collapse of its share price.

The company sponsored Varsity Cup and is also the headline sponsor of the SA Sevens team‚ the Blitzboks.

Varsity Cup CE Duitser Bosman confirmed Steinhoff’s decision on Wednesday.

"Varsity Cup management can confirm that Steinhoff International has withdrawn as a second-tier sponsor of the annual FNB Varsity Cup tournament‚" Bosman said.

"We would like to assure spectators that preparations for the 2018 tournament are at an advanced stage and we are working with all our partners to ensure the success of [2018’s] competition‚ which kicks off on January 29."

SA Rugby have yet to confirm whether Steinhoff had cut its sponsorship of the Blitzboks as their offices are closed until Monday.