berlin (reuters) – the u.s. fast food giant mcdonald’s decided to terminate his contract for sponsorship is visible at the olympic games three years prior to the end of it, said friday the international olympic committee (ioc).
“as part of our plan for global growth, we reexaminons all our trade agreements, and we made the decision together with the ioc to focus on other priorities,” said silvia lagnado, marketing manager of the company.
a source of the ioc has been in negotiations for sponsorship is sponsors such as mcdonald’s spent about $25 million per year, or $100 million on the olympics four years ago.
it was the american company, one of the main commandiataires of ioc, which was only 10% of the billion collected during each olympiad.
“in a world of rapidly changing business, we understand that mcdonald’s is trying to focus on other priorities of the market”, was timmo lumme, director of television and marketing services for the ioc.
john lewicki for mcdonald’s to oversee global sponsors for the olympics, announced last year that the corporation would reassess its contracts with the ioc.
this was due to the rule at the olympics 2016 athletes set aside their links with individual sponsors, during two weeks of competition.
the financial terms of the contract were not disclosed. the contract was to run until 2020, date of summer olympics in tokyo, japan.
even if the measure has a direct effect, the american firm will continue to sponsor the olympics 2018 in pyeongchang, as part of its marketing rights in south korea. the ioc has not provided the immediate replacement of mcdonald’s, which officially sponsored games since 1976.
(karolos grohmann, liana baker in new york, helen dauschy for services in french, edited by bill trequesser)
copyright & copy;, thomson reuters
Translated by forexguides.info Team