Panasonic to End Olympic Sponsorship Amid Shifting Trends and Scandals

Panasonic announced it will end its sponsorship of the International Olympic Committee (IOC) at the year's end. The company has supported the IOC since 1987 and the Paralympics since 2014. The decision follows Toyota's potential exit and amidst concerns over transparency and effectiveness of IOC's use of sponsorship funds.

Panasonic is set to terminate its sponsorship contract with the International Olympic Committee (IOC) by year's end, the company revealed on Tuesday.

As one of the 15 TOP sponsors for the IOC, Panasonic's decision raises questions about the future of such partnerships. The company did not disclose the value of its sponsorship but indicated that it has been under review to align with evolving sponsorship strategies.

Since 1987, Panasonic has been an IOC sponsor, extending its support to the Paralympics in 2014. This move follows speculation about Toyota's potential withdrawal and concerns over the IOC's transparency in fund utilization. Japan's delay in the 2020 Tokyo Olympics and related corruption scandals further fueled doubts among sponsors.

(With inputs from agencies.)