24 Apr 2010

Sponsors abandon Storm

12:56 pm on 24 April 2010

The financial survival of the Melbourne Storm rugby league club is in serious doubt, with three sponsors pulling out.

On Thursday, the NRL stripped the Storm of two premierships and three minor premierships, after it was discovered the club had broken the salary cap by $A1.7 million over the past five years.

ME Bank and the HOSTPLUS superannuation fund said they were shocked and extremely disappointed.

The ABC reports sportswear company SKINS has also withdrawn its sponsorship.

The Storm was also fined $A500,000 by the NRL and ordered to repay $A1.1 million in prize money.

Chairman Rob Moodie said the Storm would seek help from News Ltd to pay the fines.

He urged fans to stick by the club through the crisis.

Storm merchandise was being discounted by 50% at sports stores across Sydney on Saturday.