The Japanese automotive company signed a contract in 2015 valued at US$835 million to activate the 2018 and 2022 winter Games and the 2020 and 2024 summer Games.
The International Olympic Committee (IOC) loses one of its main partners. The agency’s agreement with Toyota will come to an end after the celebration of the Paris 2024 Olympic Games.
The Japanese brand signed a contract in 2015 valued at 835 million dollars (768.1 million euros), which included four Olympic Games. At that time, It was the IOC’s largest sponsorship contract.
The agreement began with the Winter Games in Pyeongchang 2018 (South Korea) and extends to those in Paris, so it also included the Tokyo 2020 Games and the Beijing Winter Games in 2022.
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The automotive brand does not plan to renew the collaboration. “Toyota was not happy with the way the IOC has used sponsorship money; was not used effectively to support athletes and promote sports,” as reported by Kyodo, a Japanese news agency.
He IOC It generates 91% of its income from the sale of rights. 61% comes from the sale of audiovisual rights and 30% from sponsorships. In the last cycle, which ended with the Tokyo Games, it obtained revenues of US$7.6 billion, where its sponsors paid US$2 billion.
The committee expects the figure from the partners to reach US$3 billion in the next cycle.
Source: Ambito
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