Olympic chiefs lose another sponsor as Bridgestone makes tracks
Tyre maker Bridgestone has become the latest key sponsor to cut ties with the International Olympic Committee.
Bridgestone said it would not be renewing its contract as a TOP partner, estimated to be worth £255m, when the deal expires at the end of the year.
It follows fellow Japanese brands Toyota and Panasonic in exiting their Olympic sponsorships at the end of the current cycle, three years after the delayed Tokyo 2020 Games.
“Bridgestone has decided and agreed with the International Olympic Committee not to renew its current Worldwide Olympic and Paralympic Partnership agreement after its expiration at the end of 2024,” the company said.
“The decision comes after an evaluation of the company’s evolving corporate brand strategy and its recommitment to more endemic global motorsports platforms.”
Toyota confirmed last week that it would not be renewing its 10-year £627m sponsorship deal, which is reported to be one of the IOC’s most valuable.
The car manufacturer was said to be dissatisfied with how Olympic chiefs had spent its contribution, in particular the amount that went to athlete development.
Last month Panasonic announced that it was ending its top-tier commercial relationship with the IOC, which began in 1987.
Intel has not announced whether it will be renewing its sponsorship of the IOC, which is also due to expire at the end of the Paris 2024 cycle.
The IOC is set to elect a new president early next year, with World Athletics chief Lord Coe among the favourites to succeed Thomas Bach.