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Associated Press Report: Japanese carmaker Toyota set to end massive Olympic sponsorship deal

Report: Japanese carmaker Toyota set to end massive Olympic sponsorship deal

Olympics Toyota Sponsorship

FILE - Toyota President and CEO Akio Toyoda, left, and IOC President Thomas Bach pose with a signed document during a press conference in Tokyo, on March 13, 2015 as Toyota signed on as a worldwide Olympic sponsor in a landmark deal, becoming the first car company to join the IOC's top-tier marketing program. Toyota will end its massive sponsorship deal with the International Olympic Committee after this year's Paris Olympics, according to reports in Japan. (AP Photo/Eugene Hoshiko, File)

ASSOCIATED PRESS

STEPHEN WADE

Mon, May 27, 20243 min read

TOKYO (AP) — Vehicle manufacturer Toyota is set to end its massive sponsorship deal with the International Olympic Committee after this year's Paris Olympics, according to reports in Japan.

Toyota has a contract through the 2024 Paris Games, which was reported to be valued at $835 million when it was announced in 2015. It included four Olympics beginning with the Pyeongchang 2018 Winter Games in South Korea and ran through Paris.

It has been widely reported to be the IOC's largest sponsorship deal.

Citing “sources close to the matter,” Japanese news agency Kyodo said Toyota was unhappy the way sponsorship money was used by the IOC. The news agency, quoting the sources, said the money was "not used effectively to support athletes and promote sports.”

Reached by the Associated Press, Toyota declined to comment and said financial details were private.

Toyota pulled its Olympic advertising in Japan during the pandemic-delayed Tokyo Games in 2021. It said it was responding to strong public sentiment in the country against staging the Olympics and the IOC's push to hold them.

The IOC did not comment on the reports when contacted by AP.

“We have an agreement with Toyota until the Olympic Games Paris 2024,” the IOC said. “We continue to work closely together in preparation for Paris and we look forward to bringing these plans to life.”

Toyota is supplying 3,000 fuel-cell vehicles for the Paris Games to show off its green technology.

The IOC generates 91% of its income from selling broadcast rights (61%) and sponsorships (30%).

The IOC had income of $7.6 billion in the last four-year cycle ending with the Tokyo Games. The IOC's 15 so-called TOP sponsors paid over $2 billion in that period. The figure is expected to reach $3 billion in the next cycle.

“There's no sports property that touches as many bases as the Olympics in truly every country,” Rick Burton, who teaches sports marketing at Syracuse University, told Associated Press. “You have high brand recognition. You just don't have other sports properties that gives you that.”

Burton said the IOC was likely to find another vehicle brand if Toyota bows out. He said the best look would be finding a replacement quickly.

In addition to Toyota, the TOP sponsors are: ABInBev, Airbnb, Alibaba, Allianz, Atos, Bridgestone, Coca-Cola, Deloitte, Intel, Omega, Panasonic, P&G, Samsung, and Visa.

Japan officially spent $13 billion on the Tokyo Olympics, at least half of which was public money. A government audit suggested the real cost was twice that. The IOC contribution was about $1.8 billion.

The Tokyo Games were mired in corruption scandals linked to local sponsorships and the awarding of contracts. Dentsu Inc, the huge Japanese marketing and public-relations company, was the marketing arm of the Tokyo Olympics and raised a record-$3.3 billion in local sponsorship money. This is separate from TOP sponsors.

French prosecutors also looked into alleged vote-buying in the IOC's decision in 2013 to pick Tokyo as the host for the Olympics.

___

Associated Press writer Yuri Kageyama contributed to this report.

___

AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games

source: 

https://ca.sports.yahoo.com/news/report-japanese-carmaker-toyota-set-052408465.html.

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BE CAREFUL : The Sign The Petition ANTICHRIST AGENDA / Hugo Talks

The Sign The Petition ANTICHRIST AGENDA / Hugo Talks

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Hugo Talks

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An injured woman is transported to an ambulance near the Crocus City Hall concert venue following a reported shooting incident, near Moscow, Russia. ©  Sputnik/Sergey Bobylev

40 killed and over 100 wounded in Moscow shooting – FSB

The Crocus City complex northwest of the Russian capital, came under attack by unknown assailants late on Friday

22 Mar, 2024

At least 40 people have been killed and more than 100 injured in a “terrorist attack” at the Crocus City Hall shopping mall and concert complex, northwest of Moscow, Russia’s Federal Security Service (FSB) reported on Friday.

According to the Ministry of Emergency Situations, about 100 people have been escorted to safety by firefighters.

“Fire and rescue units are operating ... Their main efforts are aimed at search and rescue. Firefighters evacuated about 100 people from the basement of the building. Work is underway to rescue others from the roof using lifts,” the ministry’s message says.

According to local media, up to 6,200 people could have been in the building when the shooting started as the scheduled concert was sold out.

People built makeshift barricades and tried to break out through the windows to escape the shooting scene, eyewitnesses have told the press. The death toll is expected to grow, given the scale of the attack and inferno that has engulfed the mall.

00:42

00:42

 

https://www.rt.com/russia/594713-over-100-casualties-in-moscow/.

Crocus City, a large mall and music venue just northwest of the Russian capital, came under attack by unknown assailants late on Friday. At least three individuals armed with assault rifles attacked visitors and targeted a concert hall, setting it on fire.

The attackers struck the venue, situated at one end of the sprawling complex in Moscow Region, just before a concert by the rock band “Picnic,” which was scheduled for Friday evening. Crocus City comprises a concert hall, an aquarium, and a wedding venue along with a retail mall featuring multiple shops and restaurants.

 

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source:

https://www.rt.com/russia/594713-over-100-casualties-in-moscow/.

RT International

https://www.rt.com › Russia news

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