The HSBC Basketball Classic, the prestigious, elite invitational basketball tournament that has kicked off the boys and girls high school season in the Lower Mainland for 12 years, is no more. The week-long competition known casually as the "HSBC" is getting a name change. The international bank is no longer the flagship sponsor. Telus is. "The values of this tournament are participation, diversity, academia and community involvement," said Robert McFarlane, the chief financial officer of Telus. "It was easy to say to HSBC, who got this off the ground, that we'll take over sponsorship."
HSBC informed tournament founder and head organizer Howard Kelsey three years ago that its support would be scaled back. HSBC funds elite, national golf and rugby events around the world but the London-based bank announced earlier this year it was curtailing its international sports sponsorship commitments.
Kelsey's connections at HSBC recommended Telus. The transition began last year. "[HSBC] gave us a two-year cushion, which is unprecedented, to find a new sponsor and they also told us if you find the right one, as long as it's not a competing bank, then were happy to continue the [scholarship] sponsorship."
HSBC will continue to fund academic scholarships. Telus wouldn't disclose the total value of the sponsorship but McFarlane, who coaches his daughter's basketball team, said the hundreds of basketball players and cheer teams may leave with a Telus-stamped backpack but they'll carry away much more. "We work here, we live here and this is an important element of the community. The values of the tournament are exactly what we want to be supporting."
The Canadian telecom giant also sponsors the AAA boys and girls provincial basketball championships, a marquee event and the culmination of the high school basketball season.
The Telus Basketball Classic runs Dec. 5 to 10.
