Pennymac, a US financial services heavyweight, has signed up as a sponsor of the Los Angeles 2028 Olympic Games.
A deal unveiled yesterday involves Pennymac – headquartered near Los Angeles – becoming the exclusive mortgage provider of LA28, as well as of Team USA at those games, and the 2026 Milan-Cortina Winter Olympics.
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The firm will activate its LA28 deal through "a variety of initiatives” such as engaging with US Olympic and Paralympic athletes on homeownership education and support. Pennymac has said it is “committed to acting as a resource” for Team USA athletes around these subjects.
David Spector, Pennymac’s chair and chief executive, has said: “We are incredibly proud to support the LA28 Games and Team USA and are committed to empowering those who strive for extraordinary achievements, from world-class athletes to those pursuing their aspirations of homeownership. Together, we commit to fostering a culture of excellence to inspire the next generation of achievers."
John Slusher, CEO of US Olympic and Paralympic Properties, added: “With a commitment to shared values and supporting people’s dreams, Pennymac will play a unique role in helping us build toward a strong and successful LA28 Games.”
Slusher was brought in to head the USOPP commercial vehicle last October.
The most recent commercial partnership unveiled for the 2028 Summer Olympics was a deal with US medical institution Cedars-Sinai, announced last September. GlobalData Sport has valued that deal as worth $3 million.
In August, meanwhile, Autodesk, the multinational software firm, signed up as a partner of LA28, while US retailer Dick’s Sporting Goods was brought in as the games’ official sporting goods retail provider (Dick’s also now holds that role for the US Olympic and Paralympic Committee).
The 2028 games in California will be Los Angeles’ third time hosting the Olympics (previously 1984 and 1932) and the first time hosting the Paralympics.
Other LA28 sponsors include wireless technology and communications firm Cisco, as well as medical apparel brand FIGS.
