TM - Toyota To Terminate Massive Olympic Sponsorship Deal After Paris Games: Report | Benzinga
Japanese automaker Toyota Motor Corporation (NYSE:TM) is reportedly planning to end its substantial sponsorship deal with the International Olympic Committee after the upcoming Paris Olympics.
What Happened: Toyota’s sponsorship agreement, which commenced with the Pyeongchang 2018 Winter Games in South Korea, is set to conclude after the 2024 Paris Games, as per reports in Japan, noted the Associated Press. The deal, initially valued at $835 million, is considered the IOC’s most significant sponsorship deal.
Citing sources close to the matter, Japanese news agency Kyodo suggested that Toyota was dissatisfied with the way the IOC utilized the sponsorship funds. The sources claimed that the money was not effectively used to support athletes and promote sports.
When approached by the Associated Press for comment, Toyota declined and stated that financial details were confidential. The ...