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Panasonic to end 37 year partnership with International Olympic Committee
Panasonic has agreed not to extend the agreement after the expiration of the current contract term at the end of December 2024.
Panasonic is one of the 15 top sponsors of the International Olympic Committee. (Representative Image: Jametlene Reskp via Unsplash)
Panasonic has announced to end of its 37-year-old partnership with the International Olympic Committee (IOC). Both have agreed to not extend their Olympic Partner (TOP) Programme agreement after the expiration of the current contract term at the end of December 2024.
The Panasonic Group first became an official Worldwide Partner of the Olympic Games in 1987 and expanded its partnership to the Paralympic Games from 2014 onward. As an Official Worldwide Partner, the Panasonic Group has supported the Games with its technologies, products, and services.
The decision to end the sponsorship has been made as the Group continually reviews how sponsorship should evolve with broader management considerations, it said in the official statement.
"As a result of this review, and after extensive consultation with the IOC, the parties agreed to refrain from renewing the Olympic and Paralympic Partner Agreement," it added.
IOC President Thomas Bach, said “The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy. Therefore, this partnership is ending in a respectful and friendly way. The IOC would like to thank Panasonic and its Group CEO Yuki Kusumi, for over four decades of close partnership. Panasonic was a founding member of the Worldwide Olympic Partner (TOP) Programme and has been a great support to Olympic Games’ organisers, National Olympic Committees and athletes around the world. The appreciation of the IOC for Panasonic will continue.”
Panasonic Group CEO Yuki Kusumi said, “Over the past 37 years, we have gained many valuable experiences through our TOP sponsorship activities and deepened our bonds with sports fans and athletes around the world. We would like to express our gratitude to President Bach and the IOC, who have been our partners over the years in building a better world through sport. We are very honored to have supported the world's premier sporting event once again this year in Paris with the Group's cutting-edge technology, products, management personnel and other operational services.”
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