“Sponsorship negotiations are currently underway with potential new sponsors, and an agreement should be concluded in the not too distant future,” the Sharks union said in statement.

“It is important to note that The Sharks partnership with Mr Price is still ongoing through their title sponsorship of the team.” 

Sharks chief executive Brian van Zyl said a new sponsor was being negotiated.

“A new sponsor is currently being finalised and we will inform all stakeholders once a deal has been concluded,” Van Zyl said.

“With just under a week to go before the start of the Sharks’ Super Rugby campaign, we look forward to welcoming our fans to Kings Park.”