Toyota chair Akio Toyoda confirmed on Thursday the company will not renew its 10-year contract as a top sponsor of the Olympics and Paralympics after the Paris Games.
The world's biggest carmaker, which had already suggested it would not renew the contract when it expired, will continue to financially support athletes, Toyoda said in the company-owned media channel.
Earlier this month, Panasonic Holdings announced it would also end its 37-year contract as a top sponsor after it became an official partner of the Olympic Games in 1987.
The International Olympic Committee saw revenues of $2.295bn (R39.39bn) from its top sponsors for the period 2017 to 2021, the second-biggest source of income for the Olympic movement, with broadcasters paying $4.544bn (R78bn) over the same period.
Toyota says it will end Olympics and Paralympics sponsor contract
Image: Tomohiro Ohsumi/Getty Images
Toyota chair Akio Toyoda confirmed on Thursday the company will not renew its 10-year contract as a top sponsor of the Olympics and Paralympics after the Paris Games.
The world's biggest carmaker, which had already suggested it would not renew the contract when it expired, will continue to financially support athletes, Toyoda said in the company-owned media channel.
Earlier this month, Panasonic Holdings announced it would also end its 37-year contract as a top sponsor after it became an official partner of the Olympic Games in 1987.
The International Olympic Committee saw revenues of $2.295bn (R39.39bn) from its top sponsors for the period 2017 to 2021, the second-biggest source of income for the Olympic movement, with broadcasters paying $4.544bn (R78bn) over the same period.
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