Toyota to End Major Sponsorship Deal with IOC After Paris Olympics
Vehicle manufacturer Toyota is planning to terminate its extensive sponsorship deal with the International Olympic Committee (IOC) following this year’s Paris Olympics, according to reports from Japan.
Toyota’s contract, which extends through the 2024 Paris Games, was originally reported to be worth $835 million when announced in 2015. This agreement covered four Olympics, starting with the Pyeongchang 2018 Winter Games in South Korea and continuing through to Paris.
This deal has been recognized as the IOC’s largest sponsorship agreement.
Japanese news agency Kyodo, citing “sources close to the matter,” reported that Toyota was dissatisfied with how the IOC utilized the sponsorship funds. The sources stated that the money was “not used effectively to support athletes and promote sports.”
When contacted by the Associated Press, Toyota declined to comment and mentioned that financial details were confidential.
During the pandemic-delayed Tokyo Games in 2021, Toyota withdrew its Olympic advertising in Japan, citing strong public opposition to holding the Olympics and the IOC’s determination to proceed with the event.
Also Read, Venezuelan Authorities Intensify Anti-Bitcoin Mining Efforts, Seize Over 6,000 Miners
NFT Sales Dip by 8.99% to $137M, Ethereum Leads with $43M in Transactions
