The Co-operative Insurance have announced they will not be renewing their sponsorship of the SFL's flagship cup competition. The Co-op have reportedly put £15million into Scottish football over the last 12 years and the loss of revenue will come as a blow to many clubs who are already struggling financially.
A statement released said: "The Co-operative Insurance sponsorship of the Scottish League Cup has been extremely successful over the last 12 seasons and has played an important role in our marketing strategy.
"Our current sponsorship deal with The Scottish Football League ends after this season's cup final on Sunday March 20, 2011 and will not be renewed.
"We would like to thank The Scottish Football League, the SFL and SPL clubs, the Scottish sports media and the many thousands of football fans who regularly attend games for their support over the last 12 years."
SFL chief executive David Longmuir commented: "Obviously I'm disappointed that The Co-operative Insurance sponsorship will end but I fully understand and accept the decision.
"The company has always been an active and involved partner in what has been a highly successful sponsorship which has allowed us not only to raise the profile of the competition but also that of Scottish football.
"The current contract ends after this season's final and we will now be working to secure a new sponsor for the tournament.
"There's no doubt after the excitement of last week's round three games, the cup offers a great promotional platform at the heart of Scottish football.
"As a strong sponsor of Scottish football, Co-operative Insurance will be missed and I wish them every success in the future."
Sponsorship manager of the insurance company, Aileen Walters, denied the no-show by Rangers, Falkirk, Dundee United and Motherwell at Hampden last week lay behind the decision not to extend their deal with the SFL.
She said: "It had nothing at all to do with what happened at the draw last week. It is purely a business decision."