Domain ups stumps as major cricket sponsor

PHOTO: Domain Group

Domain has “upped stumps” as the naming rights sponsor for the Cricket Australia men’s test series as the property portal seeks to embrace a more targeted marketing approach in the wake of lacklustre half-year results.

The announcement that Domain would withdraw from the naming rights sponsorship comes just half way through a four-year contract and was formalised at a board meeting last Wednesday, according to the Sydney Morning Herald.

Under the arrangement made in 2018, Domain had an option after two years to extend or not for a further two.

The decision not to embrace that extension was made just one day before Domain released its half-year results, noting both revenue and EBIDTA were down 8 per cent.

“For the first half of FY20, Domain delivered a solid performance in the context of the challenging period which the Australian property market has been experiencing,” Domain Chief Executive Officer and Managing Director, John Pellegrino said.