Absa head of sponsorship Mtunzi Jonas has refused to be drawn into the reasons behind the company's decision to no longer sponsor the PSL.
On Thursday, the banking company confirmed it will part ways with the South African elite league at the of the season, bringing their 16-year relationship to an end.
This despite signing a new five-year deal worth R500 million in August 2017.
According to Jonas, the world is under immense economic pressure and Absa isn't immune to it, and therefore the decision was made in the best interest of the company, more than anything.
"I don't think the specific reasons of why we ended our partnership with the PSL should be the focus but economically, the world is under pressure and we are not immune to it. So, we had to make decisions in the interest of Absa," Jonas said in an interview with SA FM.
Absa first became involved in football at the start of the 2003/04 season when they took over the league sponsorship from First National Bank (FNB), who were the premier sponsors of the Bobsave Super Bowl.
Absa soon took over from Castle Lager as the league's main sponsor in 2007, and subsequently, the PSL increased the first prize to R10 million for league winners.
Jonas says Absa leaves the PSL in a good and better position than that it was when it first came on board 16 years ago.
"As Absa, we can confidently say that the Premiership is in a good and better position than when we started with the PSL in 2004 when we sponsored the Absa Cup," he added.
"Our partnership comes to end with a lot of pride and some people have described our involvement as the golden era.
"We believe that we made a huge impact on and off the field. If you look at how teams have benefited, the players, the broadcasters etc.
"The investment over the last 13 years needs to be celebrated because it was a job well done."
The PSL will have to urgently find a suitable replacement for Absa ahead of the 2020/21 season.