After Paris 2024, the Olympic Games may lose Toyota, one of the Games’ main sponsors. Japan’s Kyodo News report that 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’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.
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. The main sponsors of the Olympic Games are classified as TOP – The Olympic Partners.
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.
