Toyota is reportedly ending its major sponsorship deal with the International Olympic Committee (IOC) after this year’s Paris Olympics. The Japanese vehicle manufacturer has had a contract in place through the 2024 Paris Games, a deal valued at $835 million when it was announced in 2015. This sponsorship covered four Olympic events, beginning with the Pyeongchang 2018 Winter Games in South Korea and concluding with Paris 2024.
This agreement is widely considered to be the largest sponsorship deal in the IOC’s history.
According to Japanese news agency Kyodo, which cited “sources close to the matter,” Toyota is dissatisfied with how the IOC has utilized the sponsorship funds. The sources claimed that the money was “not used effectively to support athletes and promote sports.”
When contacted by the Associated Press, Toyota declined to comment, citing the privacy of financial details.
During the pandemic-delayed Tokyo Games in 2021, Toyota pulled its Olympic advertising in Japan. The company stated that this decision was in response to strong public sentiment against holding the Olympics and the IOC’s insistence on proceeding with the event.
The IOC did not provide any comments on these reports when approached by the Associated Press.
