Reports in Japan are saying vehicle manufacturer Toyota will end its massive sponsorship deal with the International Olympic Committee after this year’s Paris Olympics. Toyota has a contract through the 2024 Paris Games, which was reported to be valued at $835 million when it was announced in 2015.
FILE - Toyota President and CEO Akio Toyoda, left, and IOC President Thomas Bach pose with a signed document during a press conference in Tokyo , on March 13, 2015 as Toyota signed on as a worldwide Olympic sponsor in a landmark deal, becoming the first car company to join the IOC’s top-tier marketing program. Toyota will end its massive sponsorship deal with the International Olympic Committee after this year’s Paris Olympics, according to reports in Japan .
“We have an agreement with Toyota until the Olympic Games Paris 2024,” the IOC said. “We continue to work closely together in preparation for Paris and we look forward to bringing these plans to life.”The IOC generates 91% of its income from selling broadcast rights and sponsorships . “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.”
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