Sponsors pull plug as financial fallout kicks in

Australia's Magellan Financial Group Ltd canceled a naming-rights sponsorship deal with Cricket Australia after it banned players involved in a ball-tampering scandal, the biggest blow to the country's governing body reeling from the incident.

Though some sponsors of Australian cricketers have pulled individual sponsorship deals, the decision by Magellan suggests the financial impact of the episode will go to the core of Australia's favorite sport.

Late on Wednesday, Cricket Australia slapped captain Steve Smith and vice-captain David Warner with 12-month bans from international and domestic cricket for their role in a scandal that has rocked the sport.