Toyota ends Olympics sponsorship after Paris Games
Date
9/30/2024 9:29:29 AM
(MENAFN) Japanese automobile manufacturer Toyota is set to end its sponsorship of the olympics following the Paris Games, as announced by Chairman Akio Toyoda in a recent podcast on the company's YouTube channel. Toyoda expressed his concerns about the increasing politicization of the event, stating that this summer’s Olympics highlighted a shift away from prioritizing athletes.
Toyota entered a ten-year sponsorship agreement with the International Olympic Committee (IOC) in 2015, reportedly valued at USD835 million, making it the IOC's largest sponsorship deal at the time. This contract covered four Olympics but could be renewed after its expiry in 2025. However, Toyoda's disillusionment with the Olympics has led to this decision, as he feels the event no longer centers around athletes.
“I’ve wondered for a while now whether the event is truly putting athletes first… It is also becoming increasingly political,” he remarked. He lamented that the Olympics should focus on celebrating the achievements of athletes from diverse backgrounds overcoming various challenges.
The 2024 Olympic Games have already faced significant criticism, from the controversial opening ceremony to disputes within the women’s boxing competition. Despite the backlash, the IOC has defended its choices, with outgoing president Thomas Bach emphasizing the Games' commitment to gender parity.
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