Swiss financial giant Credit Suisse has been prevented from continuing its long-term association with the Hong Kong Sevens by the International Rugby Board, according to top rugby official Trevor Gregory.
Described by Gregory as 'knights on white chargers', co-title sponsor Credit Suisse's 14-year relationship with the biggest sporting event in Hong Kong will end on Sunday. This is due to the world governing body taking on board financial rivals HSBC as title sponsors of the IRB Sevens World Series last year.
'We owe Credit Suisse a deep debt of gratitude,' said Gregory, chairman of the Hong Kong Rugby Football Union. 'They had wanted to continue sponsoring the Hong Kong Sevens, but unfortunately we cannot oblige because of the IRB's rules.'
Dumith Fernando, Credit Suisse, Asia-Pacific's managing director and chief operating officer, said: 'We would have liked to have continued as in the past, and I know the union didn't have any issues with us carrying on.'
But the IRB's strict rules preventing any other financial institution having a presence have killed any hopes of the investment bankers continuing as co-sponsors along with Cathay Pacific.
Credit Suisse saved the Hong Kong Sevens from virtual penury in 1998 when it stepped in to replace financial institution Peregrine just weeks before the tournament.