TOKYO, Sept 26 (Askume) – Toyota Motor (7203.T) Chairman Akio Toyoda confirmed on Thursday the company will not renew its 10-year contract as a top sponsor of the Olympic and Paralympic Games after the Paris Olympics.
The world’s biggest automaker had previously said it would not renew contracts after they expired but would continue to provide financial support to athletes, Toyoda said on a company-owned media channel.
Earlier this month, Panasonic Holdings (6752.T) announced it would also end its 37-year top sponsor contract after becoming an official partner of the Olympic Games in 1987. Read more
Between 2017 and 2021, the IOC earned $2.295 billion from its top sponsors, the Olympic Movement’s second-largest source of revenue, while broadcasters paid $4.544 billion during the same period.
