The naming rights sponsorship of the men's national cricket team's domestic series, estimated by the Australian Financial Review to be worth $20 million, only started ahead of last summer's Ashes Test series and was supposed to run for two more seasons.
Magellan's co-founder and chief executive Hamish Douglass said the ball-tampering in South Africa was "so inconsistent with our values that we are left with no option but to terminate our ongoing partnership with Cricket Australia".
Qantas, whose logo is prominent on the Australian team's shirts, said today it would continue its sponsorship, despite CEO Alan Joyce saying on Tuesday he was, "very disappointed" with the incident.
Former captain Steve Smith's days as a Weet-Bix kid are also over, with Sanitarium dropping Smith from its endorsements.
"Weet-Bix ambassadors represent our brand values of trust and integrity … Based on the ball tampering incident and the findings of Cricket Australia's investigation, we are unable to continue our relationship with Steve Smith," the company said in a statement.
The Commonwealth Bank has also dropped Smith as one of its cricket brand ambassadors, leaving just Meg Lanning and Ellyse Perry as its remaining cricket endorsements.
CBA said it will continue its sponsorship of Australian women's, Indigenous, all-abilities and grassroots cricket through Cricket Australia.
Sporting apparel company ASICS has torn up its contracts with disgraced players David Warner and Cameron Bancroft.
The company, which supplies uniforms to the Australian team, announced on Twitter it had severed ties with the pair, "effective immediately".
Electronics company LG had already turned its back on Warner, announcing it would not renew its sponsorship deal, which is set to expire in weeks.
Warner's website also lists Gray Nicholls, Nine, Toyota, Nestle's Milo and the Make-a-Wish Foundation as brand partners.
The three players have been banished from the Test team for their parts in a plan to deface a ball using sandpaper during the third Test against South Africa in Cape Town.
Smith and Warner were sidelined for a year, while Bancroft will sit out nine months.
Additionally, Smith will be ineligible to captain the team for an additional 12 months, while Warner will never again hold a leadership position within the team.
Besides their lost income from Cricket Australia (CA), the trio also face significant financial losses through endorsements.
Smith and Warner have both also been ditched from the Indian Premier League (IPL) for 2018.
They were each on $2.5 million contracts to play in the competition, which begins next month.
Celebrity agent Max Markson has tipped Smith and Warner to be dumped by all their sponsors as a consequence of this negative publicity.