Panasonic ends 37 years as Olympic Games sponsor

Tokio. Japan’s Panasonic Holdings announced Tuesday that it will end its 37-year partnership as title sponsor of the Olympic Games following the end of the Paris Games.

The Osaka-based company became an official partner of the Olympic Games in 1987 and expanded its partnership to the Paralympics from 2014. It has supported the Games with its technologies, products and services.

Toyota Motor 7203.T, another major sponsor, is also ending its Olympic sponsorship this year when its 10-year contract expires.

The International Olympic Committee (IOC) had revenues of €2.295 billion from its major sponsors in the period 2017-2021, the second largest source of income for the Olympic movement, with broadcasters paying €4.544 billion over the same period.

Panasonic said in a statement that the decision was made as “the group continually reviews how sponsorship should evolve with broader management considerations” and after “extensive consultation” with the IOC.

“The IOC fully understands and respects that the Panasonic Group has to adapt its business strategy,” IOC President Thomas Bach said in the same statement. “This partnership is therefore coming to an end in a respectful and amicable manner.”