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Panasonic Is First Olympics Sponsor to Extend Backing to 2024

Feb. 6 (Bloomberg) -- Panasonic Corp. became the first of the 10 biggest sponsors of the Olympic Games to extend its backing through 2024.

The International Olympic Committee didn’t give financial terms in an e-mailed statement today.

“This is a clear sign of the strength of the Olympic brand,” Gerhard Heiberg, chairman of the IOC marketing commission, said in the statement. “By reaching long-term agreements we are able to better support all the constituents of the Olympic Movement.”

Japan’s biggest consumer-electronics maker began its Olympics support as supplier of the sound system and video display in the main stadium at the 1984 Los Angeles games, according to the IOC.

The existing agreement already covers the 2016 Summer Games in Rio de Janeiro. The new accord includes the 2018 Winter Games in Pyeongchang, South Korea, and the 2020 summer edition in Tokyo. The 2022 and 2024 host cities have yet to be decided.

The Lausanne, Switzerland-based IOC’s other main sponsors include Coca-Cola Co., Samsung Electronics Co. and Visa Inc.

To contact the reporter on this story: Alex Duff in Madrid at aduff4@bloomberg.net

To contact the editor responsible for this story:

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