The ball-tampering scandal continues as major sponsors pull out of lucrative deals with Cricket Australia and the three players involved.

Today, Magellan Financial Group has withdrawn from its Cricket Australia partnership, a deal worth around $7 million.

Asics has now terminated their sponsorship deal with David Warner and Cameron Bancroft and the Commonwealth Bank has dropped Steve Smith as an ambassador.

Former boss of Cricket Australia and former CEO of the International Cricket Council Malcolm Speed tells Ross Greenwood the damage isn’t over yet.

“It’s hard to replace sponsors in those circumstances, it’s hard to win back sponsors who made that decision so… Cricket Australia will be damaged by this.

“I think it’s an unprecedented crisis for cricket.

“Cricket Australia needs to remain firm in its resolve and explain the course that it’s taken so that there is the opportunity to regain public faith.”

Mr Speed says cricket has dealt with crisis before and will come back strong.

“I think it will bounce back but there will be some damage done in the meantime,” he says.

Click PLAY below for the full interview