Olympic Games set to steady ship with major Chinese sponsor
Consumer electronics firm TCL is reportedly set to become an Olympic partner in a boost to the International Olympic Committee after long-term sponsors jumped ship.
The Chinese organisation is in the final stages of signing a deal to join the IOC sponsorship family, according to SportBusiness.
In 2023 the cooperation generated £19bn and its subsidiaries TCL Industrial and TCL Technology are on the Fortune China 500.
Their website says “ its manufacturing and R&D centres worldwide and has products and services in 160+ countries”, adding that they “aspire to inspire and empower people to pursue greatness in their lives”.
Plugs an Olympic leak
It comes as the International Olympic Committee has seen several major sponsors jump ship or not renew deals with the body.
Car manufacturer Toyota chose not to renew their sponsorship after a decade-long £627m stint with the IOC that included the Tokyo Olympics in Japan, plus other Asian Games in China and South Korea – both Winter Olympics.
“Toyota was unhappy with the way the IOC used the sponsorship money; it wasn’t effectively allocated to support athletes or promote sport,” reported Japanese news agency Kyodo at the time.
Fellow Japanese firm Bridgestone chose not to retain their status as a Top Olympic Partner (TOP, the highest tier of sponsorship) after the Paris 2024 Olympic Games. Their previous deal was estimated to be worth £255m.
“The decision comes after an evaluation of the company’s evolving corporate brand strategy and its recommitment to more endemic global motorsports platforms,” a statement read at the time.
Furthermore a third Japanese organisation, Panasonic, chose to conclude their association with the International Olympic Committee. Their commercial relationship began in 1987.
There have been issues surrounding corruption and Olympic sponsors in Japan in relation to the Tokyo Games, but it has not been suggested that those events caused major Japanese sponsors to flee.
The next Olympics, the 2026 Milano Cortina Winter Games, begins in exactly one year.