toyota announces end of sponsorship of olympic and paralympic games
2024-10-04
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toyota motor corporation has officially announced that it will not renew its ten-year sponsorship contract as the top sponsor of the olympic and paralympic games after the paris olympics. company chairman akio toyoda confirmed the decision via the company's media channels, marking the end of an important era for the world's largest automaker.
toyota has been a major supporter of the olympic and paralympic games and had earlier said it would not renew its sponsorship. nonetheless, toyota will continue to provide financial support to athletes, ensuring continued investment in their success and development.
earlier this month, panasonic holdings announced a similar decision. panasonic, a top sponsor since 1987, decided not to renew its 37-year sponsorship contract. the withdrawals illustrate the changing sponsorship landscape at the international olympic committee (ioc).
between 2017-2021, the ioc's top sponsors contributed $2.295 billion in revenue, making it the olympic movement's second-largest source of revenue. likewise, broadcast rights remained the largest source of revenue, generating us$4.544 billion.
toyota's decision reflects changing dynamics in global sports sponsorship. the company remains committed to innovation and sustainability while working to support athletes and promote values of excellence and perseverance.
look at the news reporters: fei wenrui and ren meixing
editor: fei wenrui
editor: zhang yiye
