COB seeks new sponsors after existing deals tied to Rio Olympics expire
The COB, the Brazilian Olympic Committee, has begun a search for new sponsors after its existing deals with companies including Nike, Nissan and Bradesco expired at the end of 2016, the year in which Brazil hosted the Rio Olympic Games.
The COB aid: “All of the sponsorship contracts expired on December 31st, 2016, and now the COB is in the marketplace negotiating a new commercial plan with corporations interested in supporting Olympic sports through the Tokyo Games in 2020.”
The first categories in which the COB is seeking partners are sports equipment, banking and telecoms.
In the meantime, the COB is dependent for funding on the Lei Piva (Piva Law), which earmarks a percentage of lottery receipts for Olympic and Paralympic sports, expected to amount to around R$210 million ($69 million) in 2017.
The COB said that the existing deals were not renewed because they were tied to specific agreements for the period in which Brazil was organising the Olympics.