Published on : Thursday, November 23, 2017
Most people think of the Portuguese explorer when they hear the name Magellan. However, it is also the name of global equities fund manager that has paid millions to attach its name to the 2017-18 Ashes series.
But, by the end of the summer, Magellan Financial Group hopes that it will be a household name.
The Ashes series started yesterday with the first Test in Brisbane. Even though the heart of the 140-year-old contest is between just two countries, the series is being broadcast in 130 countries around the world.
For visitors as well, the Ashes series between England and Australia remains the pre-eminent event attracting an estimated 30,000 enthusiasts halfway across the globe. That is about 14% more visitors compared to the same period last year. This year, fans from all around the world are going to drop in Australia. Magellan has paid an undisclosed figure, touted to be around $4m-$5m a year, for the naming rights to Test cricket in Australia for three years, with an option of a further two.
Magellan’s executive chairman, Brett Cairns said, “We hope to raise brand awareness beyond the financial industry and expand our business with self-advised investors,” adding that it has meant a big jump in their marketing spend.
The five-day Ashes Tests remain the game of the purists and the major money spinner for Australian tourism, partly because the contest runs for weeks. The final Test doesn’t wrap up until January.
“The Ashes, like the British and Irish Lions rugby tours, are tourism gold for Australia,” said John O’Sullivan, the managing director of Tourism Australia.
He added, “These are visitors who stay longer, disperse more widely and spend well, both during the games and between them, visiting our shops, restaurants, beaches, wineries and other attractions.”
Ashes is being played in several Australian cities, spreading the benefits across states and boosting significant spending on airlines and hotels.