According to a report in Japanese newspaper Kyodo News, Toyota will end its sponsorship contract with the International Olympic Committee (IOC) after this year’s Games in Paris. The report cites unidentified “sources familiar with the matter.” Toyota declined to comment on Kyoda’s article, according to media reports.
The Toyota deal, announced in 2015, is considered the largest sponsorship deal ever signed by the IOC. At the time, Japanese media reported that the value of the project would be $835 million.
Toyota would be the biggest sponsor of the Olympics. SOPA images via Getty Images
According to the Kyodo report, sources at Toyota were unhappy with how the IOC had used the money. The automaker believes the committee isn’t doing enough to support athletes and promote the games.
During the 2021 Tokyo Summer Olympics, the IOC was criticized for not doing enough to support the mental health of its competitors.
Toyota sources told Kyodo that the company would like to continue sponsoring the Paralympics. However, the IOC asks its partners to support all its events.
Toyota is one of the 15 “TOP” sponsors in The Olympic Partner program. TOP is the highest level of sponsorship for games and is limited to one per sector. Other brands include Coca-Cola, Samsung, Intel, Corona Cero and Procter & Gamble.
Toyota pulled its ads from the delayed 2021 Tokyo Olympics and executives skipped opening ceremonies in response to concerns about safety during the COVID-19 pandemic.
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