Toyota to ‘terminate’ Olympic sponsorship, the car-maker is not happy with how funds are being used

Toyota will reportedly end its top-tier Olympic Games sponsorship with the International Olympic Committee (IOC) after Paris 2024, according to Kyodo.

The Japanese car manufacturer plans to terminate its The Olympic Partner (TOP) contract, which was reported to be worth US$835 million when it was signed in 2015. It was reported then to be the IOC’s largest sponsorship deal, with the agreement to run for four Olympic Games, starting with PyeongChang 2018 and ending with this summer’s event in Paris.

Kyodo reports that some figures at Toyota have expressed dissatisfaction at how the IOC has used sponsorship money. Indeed, those at the company are of the belief that the funds have not been used effectively to support athletes and promote sports.

The news agency adds that the automotive giant wants to retain its top-tier contract with the International Paralympic Committee (IPC). However, the IOC’s stance is said to be that sponsors cannot extend just one of the contracts, as most TOP sponsors typically endorse both the Olympics and Paralympics.

The IOC has 15 partners on its TOP sponsorship programme, with Anheuser-Busch InBev (AB InBev) becoming the latest addition to the initiative earlier this year. The IOC generated income of US$7.6 billion for the last four-year cycle ending with the delayed Tokyo Olympic Games in 2021, with those on the TOP roster contributing more than US$2 billion during that period.

‘We have an agreement with Toyota until the Olympic Games Paris 2024,’ the IOC said in a statement. ‘We continue to work closely together in preparation for Paris and we look forward to bringing these plans to life.’

For the upcoming Paris Games, Toyota plans to provide more than 3,000 fuel-cell cars, as part of its efforts to showcase its green technologies.


Please follow and like us:
Social Share Buttons and Icons powered by Ultimatelysocial