Toyota is reportedly ending its massive sponsorship deal with the International Olympic Committee (IOC) after the Paris Olympics this year.
According to Japanese news agency Kyodo and Associated Press, this move will end the $835 million contract that began with the Pyeongchang 2018 Winter Games and covered four Olympic events.
Sponsorship Deal of Toyota With the Olympics
The sponsorship deal, announced in 2015, has been reported to be the IOC's largest. However, sources told Kyodo that Toyota was displeased with how the IOC utilized the sponsorship funds.
According to the sources, the funds have not been effectively used to support athletes and promote sports, prompting Toyota to withdraw from the partnership.
History of Toyota With the Olympics
During the pandemic-delayed Tokyo Games in 2021, Toyota pulled its Olympic advertising in Japan. The company cited the strong public opposition to holding the Olympics during the pandemic as a reason for its decision.
It reflected the widespread sentiment in the country against the IOC's insistence on proceeding with the event despite health concerns. However, Toyota and the IOC have yet to release any official statements.
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