>> A cheating scandal has led to one of Australian cricket's biggest sponsors to drop out on Thursday. Players were caught scuffing the ball with sandpaper to make it swerve more last week. Since then, three top players have admitted they were trying to cheat in a match with South Africa.
>> I'll do everything I can to make up for my mistake and the damage it's caused. To see the way my old man's pained.>> Thanks everybody.>> Yes, I lied. I lied about the sandpaper and I just panicked. I panicked in that situation and I'm very sorry.
>> Now Australia's Magellan Financial Group have cancelled a deal worth $15 million US with Cricket Australia after just seven months. That pull out suggests an even wider impact from the scandal for a sport many in Australia saw as the epitome of fair play. Reuters correspondent Byron Kaye explains from Sydney.
>> Magellan is a reasonably low profile fund manager in Australia. And had only just signed on with Cricket Australia as a sponsor in August last year in some sort of effort to boost its brand awareness around the country. So the fact that it's quickly retreated is not so surprising.
>> Magellan is the biggest so far, but they're not the first. Some players involved in the scandal have lost individual sponsorship deals. Sports brand Asics ended deals with both vice captain David Warner and Cameron Bancroft. Electronics brand LG had already said it would not sign a new deal with Warner.
And Sanitarium, the maker of Weet-Bix cereal in Australia, ended a deal with Captain Steve Smith. It's something like losing a deal with Wheaties in the United States.