Sports betting firm SportPesa has terminated its sponsorship with Formula One team Racing Point, hours after English Premier League side Everton announced they will end their partnership.
In a statement released in Nairobi on Monday, the betting firm indicated the decision was made ''in line with its new business strategy and sponsorship approach''.
"After an amazingly successful season with the Racing Point F1 Team, we wish them success in the 2020 competition, and we look forward to their transformation into Aston Martin Racing in 2021. We would like to thank the team and F1 for a great season working together and we would look forward to opportunities of working joints on local activations," the statement read in part.
This three-year deal was reported to be worth Sh3 billion.
Earlier on, Everton announced that they will be ending their partnership with the Kenyan betting firm after the 2019/2020 season.
"Everton Football Club will end its partnership agreement with SportPesa at the end of the current season," read a statement in the club's portal.
The deal with the English Premier League club Everton is said to be worth Sh600 million a season.
The company has been Everton's main partner since 2017. The club has also revealed that the company has agreed to the termination of the contract.
"The agreement has been reached following a comprehensive review by the club of its commercial strategy in line with its vision and future growth plans," the statement added.
A club spokesperson thanked SportPesa for their support.
"This has been a difficult decision but one that allows us to best deliver on our commercial plan and to grasp the new opportunities now open to us. Everton would like to thank SportPesa for all of the work that has been done together.
Our partnership has seen our first team visit Africa on two occasions, as well as former players and club staff take part in numerous activations in the region. This has allowed us to grow our own footprint in Africa and further strengthen our brand."
"SportPesa will no longer be on the front of the shirt of Everton as a principal partner after the 2019/2020 season," SportPesa confirmed in statement said Monday.
The remaining sponsorship deals between the betting firm and Tanzanian clubs Yanga, Simba Singida United and Namungo, South African side Cape Town City and English championship team Hull City are not affected.
SportPesa woes are believed to have started when the company lost its licence to operate in Kenya last July.
The Ireland Football Association also terminated its partnership with the company recently.