Japanese carmaker Toyota set to end massive Olympic sponsorship deal

TOKYO —

Toyota has a contract through the 2024 Paris Games, which was reported to be valued at $835 million when it was announced in 2015. It included four Olympics beginning with the Pyeongchang 2018 Winter Games in South Korea and ran through Paris.Citing “sources close to the matter,” Japanese news agency Kyodo said Toyota was unhappy the way sponsorship money was used by the IOC. The news agency, quoting the sources, said the money was “not used effectively to support athletes and promote sports.

“There’s no sports property that touches as many bases as the Olympics in truly every country,” Rick Burton, who teaches sports marketing at Syracuse University, told Associated Press. “You have high brand recognition. You just don’t have other sports properties that gives you that.” In addition to Toyota, the TOP sponsors are: ABInBev, Airbnb, Alibaba, Allianz, Atos, Bridgestone, Coca-Cola, Deloitte, Intel, Omega, Panasonic, P&G, Samsung, and Visa.

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