Magellan Financial Group, the title sponsor of last year’s Ashes series against England, confirmed in a statement they had brought a premature end to a deal due to run through to 2020.

The company, which signed a three-year agreement thought to be worth AUD$20 million (£11 million/$15.3 million/€12.4 million) with Cricket Australia in 2017, claimed the incident involving former captain Steve Smith, vice-captain David Warner and batsman Cameron Bancroft was "so inconsistent with our values".

Smith and Warner were yesterday banned for one year for their role in an orchestrated plot to tamper with the ball during the third day of the third Test against South Africa in Cape Town.

Head coach Darren Lehmann has also today announced that he will step down.

Bancroft, captured on television footage rubbing a homemade form of sandpaper, constructed from sticky tape and grit from the playing surface, onto the ball in an attempt to change its behaviour, was suspended for nine months.

Warner, accused of instigating the plan, commented publicly for the first time since the incident today.

In a statement, the 31-year-old apologised and "took responsibility" for his role in the ball-tampering plot.

Warner, whose career as an Australian player appears to be all-but over, admitted their actions had brought "distress" on the sport and its fans.

"Mistakes have been made which have damaged cricket," he wrote in a statement on Twitter.

"It’s a stain on the game we all love and I have loved since I was a boy."

Magellan are the latest company to sever financial ties with those involved in the ball-tampering, which sparked widespread outrage and criticism of the Australian team.

Sporting goods manufacturer Asics also ended its deals with Warner and Bancroft, while health food company Sanitarium cut its partnership with Smith.

Smith, Warner and Bancroft were all sent home in disgrace from the tour of South Africa, which continues with the fourth Test due to begin tomorrow in Johannesburg.

Cricket Australia has confirmed Warner will "not be considered" for any role within the leadership team for the rest of his career.

Smith and Bancroft will not be considered for team leadership positions for two years in what are thought to be the harshest sanctions ever handed out to players by the national governing body.

Smith was also banned for one match by the International Cricket Council.

Australian Prime Minister Malcolm Turnbull has been among those to publicly hit out at the players for the incident, along with a host of former cricketers.

Both Warner and Smith have left South Africa and are due to arrive in Australia today.