The Olympics is reportedly losing its largest sponsor over concerns the IOC is not doing enough to support the athletes
RICHARD A. BROOKS/Getty Images
- Toyota will reportedly end its $835 million sponsorship with the IOC after Paris 2024.
- Toyota is said to be dissatisfied with a lack of support for Olympic athletes.
- Toyota wants to continue with the Paralympics, but IOC's rules may not allow it.
We are only two months from the 2024 Summer Olympics in Paris, and the games may be about to lose one of its most lucrative partners.
According to a report from Japan's Kyodo News, Toyota will end its sponsorship contract with the International Olympic Committee (IOC) after this year's games in Paris. The report cited unidentified "sources close to the matter." Toyota has declined to comment on the Kyoda article, according to media reports.
Toyota's deal, announced in 2015, is believed to be the largest sponsorship agreement ever signed by the IOC. At the time, Japanese media reported that it would be worth $835 million.
SOPA Images via Getty Images
According to Kyodo's report, sources at Toyota were unhappy with how the IOC has used the money. The automaker believes the committee is not doing enough to support the athletes and promote the games.
During the Tokyo Summer Olympics in 2021, the IOC was criticized for not doing enough to support the mental health of its competitors.
Toyota sources told Kyodo that the company would like to continue sponsoring the Paralympic games. The IOC, however, requires its partners to support all its events.
Toyota is one of just 15 "TOP" sponsors as part of The Olympic Partner program. TOP is the highest level of sponsorship for the games and is limited to one per industry. Other brands include Coca-Cola, Samsung, Intel, Corona Cero, and Procter & Gamble.
Toyota pulled its commercials from the delayed 2021 Olympic games in Tokyo, and executives skipped the opening ceremonies in response to concerns about safety during the COVID-19 pandemic.