Panasonic ends 37-year contract as prime Olympics sponsor

Japan’s Panasonic stated on Tuesday that it could finish its 37-year contract as a prime sponsor for the Olympics following the tip of the Paris Games.

The Osaka-based firm first turned an official accomplice of the Olympic Games in 1987 and expanded its partnership to the Paralympics from 2014. It has supported the Games with its applied sciences, product and providers, such because the Technics turn-tables on the breaking occasion in Paris final month.

Toyota Motor, one other prime sponsor, can be ending its sponsorship of the Olympics this yr as its 10-year contract expires.

The IOC noticed revenues of $2.295 billion from its prime sponsors for the interval 2017-2021, the second largest supply of earnings for the Olympic motion, with broadcasters paying $4.544 billion over the identical interval.

Panasonic stated in an announcement the choice was made as “the Group regularly opinions how sponsorship ought to evolve with broader administration issues” and after “intensive session” with the International Olympic Committee (IOC).

“The IOC understands and absolutely respects that the Panasonic Group has to adapt its enterprise technique,” IOC President Thomas Bach was quoted as saying in the identical assertion. “Therefore, this partnership is ending in a respectful and pleasant manner.”