Panasonic Holdings Corporation today announced that the International Olympic Committee (IOC) and Panasonic have agreed not to extend their Olympic Partner (TOP) Programme agreement after the expiration of the current contract term at the end of December 2024.
Agreeing profoundly with the aspirations of the Olympic and Paralympic Games to “promote sport, culture, and education with a view to building a better world”, the Panasonic Group first became an official Worldwide Partner of the Olympic Games in 1987 and expanded its partnership to the Paralympic Games from 2014 onward. As an Official Worldwide Partner, the Panasonic Group has supported the Games with its technologies, products, and services.
While the Panasonic Group’s support of the Olympic philosophy and its stance of supporting athletes who continue to rise to the challenge and sports enthusiasts remain unchanged, a decision to end the sponsorship has been made as the Group continually reviews how sponsorship should evolve with broader management considerations. As a result of this review, and after extensive consultation with the IOC, the parties agreed to refrain from renewing the Olympic and Paralympic Partner Agreement.
IOC President Thomas Bach, said, “The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy. Therefore, this partnership is ending in a respectful and friendly way. The IOC would like to thank Panasonic and its Group CEO Yuki Kusumi, for over four decades of close partnership. Panasonic was a founding member of the Worldwide Olympic Partner (TOP) Programme and has been a great support to Olympic Games’ organisers, National Olympic Committees and athletes around the world. The appreciation of the IOC for Panasonic will continue.”
Panasonic Group CEO Yuki Kusumi said, “Over the past 37 years, we have gained many valuable experiences through our TOP sponsorship activities and deepened our bonds with sports fans and athletes around the world. We would like to express our gratitude to President Bach and the IOC, who have been our partners over the years in building a better world through sport. We are very honored to have supported the world’s premier sporting event once again this year in Paris with the Group’s cutting-edge technology, products, management personnel and other operational services.”
