Toyota Motor Corporation chairman Akio Toyoda announced that the company will not be extending its ten-year agreement to be the leading sponsor of the Olympics and Paralympics after the Paris Games.
In a statement sent through the Japanese automaker’s media channel, Toyota chairman Akio Toyoda expressed uncertainty over whether athletes are prioritized in the Olympics. He stated: “With the increasing political undertone of the games, we were wondering if this was the right way to go.”
Toyota intended to prolong its sponsorship for the Paralympics exclusively, but the IOC would not allow it. However, the largest carmaker in the world will keep providing financial support to athletes.
As a result of several corruption scandals arising from the Tokyo Games, some Japanese companies have cut ties with the IOC. With this, Panasonic Holdings, which became an official partner of the Olympic Games in 1987, stated earlier this month that it would also be ending its 37-year term as a major sponsor for the Games.
It is worth noting that with the help of these huge companies and other broadcasters contributing $4.544 billion, the International Olympics Committee received $2.295 billion in revenue from its top sponsors between 2017 and 2021, making it the second-largest source of funding for the Olympic movement.
Source: CNA, Japan Today