Chinese swimming receives US$11m cash injection from Midea
Contract summary
Length of contract: 4 yearsAnnualised value: US$2.75 million
Overall value: US$11 million
The Midea Group, the Chinese consumer electronics company, has ramped up its association with the Chinese Swimming Management Centre in a US$11 million direct injection into the sport. It follows up its sponsorship of the Chinese team during the Beijing Olympic Games with a substantial investment in the national swimming, diving and synchronised swimming teams. The length of the deal has not been announced but is believed to be a four-year deal, taking investment up until the London 2012 Olympics.
The Midea Group is attempting to enhance its brand through swimming. It regards swimming as an elegant sport in all its forms, which matches its own desired brand image. It also likes the competitive image of the sport.
Midea was already the prime sponsor of the Swimming Administrative Centre of the General Administration of Sport of China. A spokesman said previously: "Diving and swimming bring beauty and enjoyment to human beings with their elegance and speed are in accordance with the concept of Midea Group, namely pursuing superior quality and creating nice life. This means the two parties find out common concerns in the spirit while competing and struggling within their own respect aspect."
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