Cronulla and the Sydney Roosters have reportedly lost more than A$1 million in sponsorship over the NRL's cocaine scandal.

Infinity Group Australia has informed the Sharks and Roosters they are withdrawing their backing after both clubs' names had been dragged through the mud over the past five days, according to News Corp Australia.

The clubs appear set to pay a hefty toll for the saga, with the financial advice company reportedly pulling its two-year deal for the Sharks' back-of-jersey sponsorship worth A$700,000 and ripping up its A$300,000 contract with the Roosters.

Both clubs were sent into damage control after Sharks chairman Damian Keogh, under-20s player Jesse Savage and Roosters star Shaun Kenny-Dowall were allegedly caught in possession of cocaine.

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Keogh has stepped down from his role with the premiers after allegedly being caught in possession of a small bag of the drug on Friday night at a Woolloomooloo pub.

Kenny-Dowall is set to face court later in the month after also being arrested with just under half a gram of the drug last Friday in a Sydney CBD club.

Savage became the fifth rugby league player or official dragged into the scandal on Sunday morning when he was allegedly caught with 1.4 grams of cocaine at a Cronulla nightclub.

Infinity Group, the Roosters and Sharks have all been approached for comment.

-AAP