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Toyota to pull out as Olympic sponsor after Paris Games this year
In addition to Toyota, the sponsors' list of the Olympics includes Visa, Airbnb, Alibaba, ABInBev, Deloitte, Samsung, and Panasonic, among others.
The carmaker intends to continue its sponsorship agreement with the International Paralympic Committee in the interim. (Image source: Unsplash)
Vehicle manufacturer Toyota Motor Corp. has decided to not renew its top-level sponsorship contract with the International Olympic Committee (IOC) after the Paris Games this summer. The 10-year contract, which included four games including the Tokyo Games in 2021, was signed in 2015 and is set to expire this year.
The company will instead provide direct financial assistance to athletes and support para-sports, according to a report by AP. Under its sponsorship deal with the IOC, the auto manufacturer has provided financial aid and transportation during the Olympics.
The carmaker intends to continue its sponsorship agreement with the International Paralympic Committee in the interim. Additionally, it intends to keep managing a combined 30 rugby, baseball, and other sports teams.
In addition to Toyota, the sponsors' list of the Olympics includes Visa, Airbnb, Alibaba, ABInBev, Deloitte, Samsung, and Panasonic, among others. The IOC generates 91 percent of its income from selling broadcast rights and sponsorships and had an income of USD 7.6 billion in the last four-year cycle ending with the Tokyo Games in 2021.
SPOTLIGHT
The Storyboard18 Digital Entertainment Summit (DES) unpacked India's strategy for leading the digital entertainment economy, with top policymakers where they putlined how talent, technology, and governance would fuel future-ready growth.
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At the Storyboard18 Digital Entertainment Summit in New Delhi, policymakers and industry leaders outlined how talent, technology, and governance will drive India’s push to dominate the global entertainment economy.