Toyota Ends Olympics Sponsorship After Paris Games

Toyota Motor Chairman Akio Toyoda announced that the company will not renew its 10-year contract as a top sponsor for the Olympics and Paralympics after the Paris Games. Despite ending this sponsorship, Toyota will continue to support athletes financially. Panasonic Holdings also recently ended its long-term sponsorship.

Toyota Motor Chairman Akio Toyoda confirmed on Thursday that the company will not renew its 10-year contract as a top sponsor for the Olympics and Paralympics following the Paris Games.

The world's largest automaker has previously indicated its intentions not to renew the contract upon expiration, yet it will remain financially supportive of athletes, Toyoda articulated via the company-owned media channel. Earlier this month, Panasonic Holdings announced an end to its 37-year contract as a top sponsor after becoming an official Olympic partner in 1987.

The International Olympics Committee generated revenues of $2.295 billion from top sponsors between 2017-2021, making it the second-largest income source for the Olympic movement, second only to the $4.544 billion from broadcasters over the same period.

(With inputs from agencies.)