Fledgling superannuation start-up Superhero will bankroll Hawthorn and Sydney AFL clubs as a major sponsor for the next three years, signing the lucrative deals even as the prudential watchdog warns funds over such spending.
It marks the start of an aggressive growth strategy for the $2.7 billion investment and super platform after a failed buyout in 2022 as it pushes to cash in on the wave of young investors wanting to save money by managing their own stock trades and the rivers of gold of mandatory superannuation.
But it comes amid a crackdown on whether the superannuation industry’s increasing marketing and sponsorship blitz is in members’ best financial interests.
The Australian Prudential Regulation Authority warned funds it was worried about “questionable spending” before revealing the sector clocked a $423 million markets spendathon in 2022-23, including several expensive sport sponsorships.
Major AFL club sponsorships are typically worth around $1 million annually. For bigger sponsors such as those that get their logo on team guernseys – as Superhero will get with Hawthorn – that figure is more.
