New Delhi: Japanese automotive manufacturing giant Toyota announced end of its association with the Olympics and Paralympics as a top sponsor following the end of the Paris Games.
The world’s biggest automaker though pledged continuation of financial support to athletes. Toyota chairman Akio Toyoda announced the company’s decision not to renew its 10-year contract with the International Olympic Council.
For the period between 2017 and 2021, the IOC received revenues of $2.295 billion from its principal sponsors. It was the Olympic movement’s second biggest source of income after receiving $4.544 billion from broadcasters over the same period.
Panasonic says bye bye too
Earlier in the month, Japanese electronics major Panasonic announced decision of ending its 37-year deal with the Olympics after the conclusion of Paris 2024.
Based in Osaka, Panasonic came on board as an official partner in 1987 and agreed a partnership for the Paralympics from 2014.
Panasonic provided Technics turn-tables at the breaking event in Paris and has extended support to the Games with its technologies, product and services.
In a statement, Panasonic said its decision was made as “the Group continually reviews how sponsorship should evolve with broader management considerations” and after extensively consulting with the IOC.
“The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy,” IOC president Thomas Bach had said in a statement.
“Therefore, this partnership is ending in a respectful and friendly way.”
Toyota chairman Akio Toyoda announced the company’s decision not to renew its 10-year contract with the International Olympic Council. Other Sports Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
