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Thomas Bach, president of the International Olympic Committee (IOC), has confirmed that all sponsors for the Tokyo 2020 Olympic Games will retain their rights for the event, which has now been postponed until 2021.
A number of the IOC’s TOP sponsorship contracts are set to expire at the end of 2020, including those with General Electric, Procter & Gamble and Dow, and their status had been thrown into doubt by the decision to delay the Games amid the ongoing coronavirus pandemic.
However Bach, speaking on a media conference call, confirmed those deals would now roll over along with the Games itself.
“We have contacted in the meantime all of the sponsors and what we can see is that we have their full support for this decision and we will now work to implement it,” he said. “These Games are called the Olympic Games Tokyo 2020 therefore for me it is a logical consequence that sponsors of the Olympic Games Tokyo 2020 keep their rights if these Games are organised in 2021.”
Another question raised by the postponement is the impact on the IOC’s incoming TOP sponsors, such as Allianz and Mengniu, whose deals start in 2021. It is thought that those deals are tied to Olympic cycles as opposed to contract years and will fall in line with future events.
The IOC’s announcement that the Games will still be known as Tokyo 2020 will allay some of the fears of partners who have put marketing funds into campaigns based on that branding but some companies are unsure of how to proceed.
Tokyo Gas Co, a second-tier domestic sponsor, said in the wake of the postponement announcement that it was considering whether to continue with its deal into 2021.
“We will make a decision after we learn the details,” said company president Takashi Uchida.
Thomas Bach, IOC president, has confirmed that all sponsors for the postponed Tokyo 2020 Olympic Games will retain their rights for the event in 2021
Thomas Bach, president of the International Olympic Committee (IOC), has confirmed that all sponsors for the Tokyo 2020 Olympic Games will retain their rights for the event, which has now been postponed until 2021.
A number of the IOC’s TOP sponsorship contracts are set to expire at the end of 2020, including those with General Electric, Procter and Gamble and Dow, and their status had been thrown into doubt by the decision to delay the Games amid the ongoing coronavirus pandemic.
However Bach, speaking on a media conference call, confirmed those deals would now roll over along with the Games itself.
“We have contacted in the meantime all of the sponsors and what we can see is that we have their full support for this decision and we will now work to implement it,” he said. “These Games are called the Olympic Games Tokyo 2020 therefore for me it is a logical consequence that sponsors of the Olympic Games Tokyo 2020 keep their rights if these Games are organised in 2021.”
Another question raised by the postponement is the impact on the IOC’s incoming TOP sponsors, such as Allianz and Mengniu, whose deals start in 2021. It is thought that those deals are tied to Olympic cycles as opposed to contract years and will fall in line with future events.
The IOC’s announcement that the Games will still be known as Tokyo 2020 will allay some of the fears of partners who have put marketing funds into campaigns based on that branding but some companies are unsure of how to proceed.
Tokyo Gas Co, a second-tier domestic sponsor, said in the wake of the postponement announcement that it was considering whether to continue with its deal into 2021.
“We will make a decision after we learn the details,” said company president Takashi Uchida.
