Japanese automotive manufacturer Toyota will let its major, 'TOP' sponsorship agreement with the International Olympic Committee (IOC) expire following the Paris 2024 Olympics, it has been reported.
The brand is opting not to renew its deal, unveiled in 2015 and understood to be worth $835 million in total, according to Japanese media.
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The Kyodo news agency has cited sources close to the matter as saying Toyota’s hierarchy has been unhappy at how sponsorship income has been used by the IOC.
The IOC, in a vague statement issued to Sportcal (Globaldata) and other media, has said: “We have an agreement with Toyota until the end of 2024. We are currently working together in preparation for the Olympic Games Paris 2024 and we look forward to bringing our exciting plans to life.”
The Toyota-IOC deal has run through the Olympics in 2018, 2021, and 2022, and the brand will once again form part of the IOC’s array of top-tier partners at Paris 2024.
Indeed, at this year's games, Toyota will be providing a fleet of around 3,300 electric vehicles and mobility solutions.
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By GlobalDataThe IOC reported income of $7.6 billion during the four-year cycle which ended with the Tokyo games in 2021 (delayed from their intended slot by 12 months because of the coronavirus pandemic). Of that figure, more than $2 billion came from the 15 IOC ‘TOP’ sponsors.
The other ‘TOP’ IOC commercial partners are AB InBev, Airbnb, Alibaba, Allianz, Atos, Bridgestone, Coca-Cola, Deloitte, Intel, Omega, Panasonic, P&G, Samsung, and Visa.
Of the IOC’s total income levels, roughly 30% is brought in through sponsorship revenue.
The last major commercial partnership renewal came in January when the governing body and global drinks conglomerate AB InBev extended their tie-up through the 2028 Summer Olympics in Los Angeles.
While the IOC and Toyota are reported to be going their separate ways, it has been suggested that the brand is attempting to keep its tie-up with the International Paralympic Committee.
This would not necessarily be welcomed by the IOC as most ‘TOP’ partners cover both the Olympics and Paralympics.
The Paris Olympics run between July 26 and August 11, with the Paralympics taking place from August 28 to September 8.
