Top Olympic sponsor Panasonic is ending its contract with the IOC

This photo shows the headquarters of Panasonic in Kadoma, Osaka prefecture, western Japan, on Nov. 7, 2017. (Kyodo News via AP)
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Updated 10 September 2024
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Top Olympic sponsor Panasonic is ending its contract with the IOC

  • In a statement, Panasonic said it became an IOC sponsor in 1987 and expanded to the Paralympics in 2014
  • It did not make clear why it was changing course and said only that is was related to continual ‘reviews how sponsorship should evolve’

TOKYO: Olympic sponsor Panasonic is terminating its contract with the IOC at the end of the year, the company said in a statement Tuesday.

Panasonic is one of 15 companies that are so-called TOP sponsors for the International Olympic Committee. It’s not known the value of the Panasonic sponsorship, but sponsors contribute more than $2 billion in a four-year cycle to the IOC.

In a statement, Panasonic said it became an IOC sponsor in 1987 and expanded to the Paralympics in 2014. It did not make clear why it was changing course and said only that is was related to continual “reviews how sponsorship should evolve.”

Two other Japanese companies are also among the IOC’s 15 leading sponsors. Toyota, which for several months has been reportedly ready to end its contract, was contacted Tuesday by The Associated Press but offered no new information.

“Toyota has been supporting the Olympic and Paralympic movements since 2015 and continues to do so,” Toyota said in a statement. “No announcement to suggest otherwise has been made by Toyota.”

Japanese sponsors seem to have turned away from the Olympics, likely related to the one-year delay in holding the 2020 Tokyo Olympics. The COVID-19 delay reduced sponsors’ visibility with no fans allowed to attend competition venues, ran up the costs, and unearthed myriad corruption scandals around the Games.

Tiremaker Bridgestone said “nothing has been decided.”

Toyota had a contact valued at $835 million — reported to be the IOC’s largest when it was announced in 2015. It included four Olympics beginning with the Pyeongchang 2018 Winter Games in South Korea and ran through the just-completed Paris Olympics and Paralympics.

Reports in Japan suggest Toyota may keep its Paralympic Olympic sponsorship.

The IOC TOP sponsors are: ABInBev, Airbnb, Alibaba, Allianz, Atos, Bridgestone, Coca-Cola, Deloitte, Intel, Omega, Panasonic, P&G, Samsung, Toyoto, and Visa.

In a report several months ago by the Japanese news agency Kyodo, unnamed sources said Toyota was unhappy with how the IOC uses sponsorship money. It said the money was “not used effectively to support athletes and promote sports.”

Japan was once a major font to revenue, but increasingly the IOC has sought out sponsors from China, with increasing interest from the Middle East and India.

Japan officially spent $13 billion on the Tokyo Olympics, at least half of which was public money. A government audit suggested the real cost was twice that. The IOC contribution was about $1.8 billion.

The Tokyo Games were mired in corruption scandals linked to local sponsorships and the awarding of contracts. Dentsu Inc, the huge Japanese marketing and public relations company, was the marketing arm of the Tokyo Olympics and raised a record-$3.3 billion in local sponsorship money. This is separate from TOP sponsors.

French prosecutors also looked into alleged vote-buying in the IOC’s decision in 2013 to pick Tokyo as the host for the 2020 Summer Games.

The IOC had income of $7.6 billion in the last four-year cycle ending with the Tokyo Games. Figures have not been released yet for the cycle ending with the Paris Olympics.

The IOC’s TOP sponsors paid over $2 billion in that period. The figure is expected to reach $3 billion in the next cycle.


Salama smashes course record with sensational 60 at Madinaty

Updated 04 February 2026
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Salama smashes course record with sensational 60 at Madinaty

  • Spaniard cards 10-under-par round with 9 birdies and a chip-in eagle to lead by four in Egypt

CAIRO: Spain’s Juan Salama fired a sensational 10-under-par course record of 60 to take a four-shot lead after the opening round of the Egypt Golf Series.

Salama’s stunning round at Madinaty Golf Club bettered the previous record of 63 and included nine birdies and a chip-in eagle on the par-five ninth — his final hole of the day after the field started on the 10th.

The Spaniard, who finished runner-up to Jack Davidson in last week’s play-off at Address Marassi, dropped his only shot of the day on the eighth hole, meaning a par there would have given him the magical 59.

“It was definitely an early start today — I was up at 3:45 a.m. stretching, breakfast at 4:30, and we arrived at the course around 5:30, so I was warming up in the dark, which was pretty crazy,” said Salama.

“But it actually went really well. I love being first out because the greens are perfect with no footprints and the ball rolls beautifully. The conditions here at Madinaty Golf Club have been fantastic all week.

“I made nine birdies with just one dropped shot, and on the last hole I really fancied the chip-in for eagle. My personal best round is nine under, so I went for it and it paid off. I feel like my game has been in a really good place the last couple of weeks. I’ve been working hard, my family has been a huge support, and my wife keeps me very disciplined, so it’s nice to see that work paying off.”

Last week’s winner Jack Davidson is the closest pursuer after a six-under 64 that included seven birdies and just one dropped shot at the par-five 13th — his fourth hole of the day.

“It was a similar situation to last week, chasing Juan Salama again, but I’m really happy with six under,” said Davidson. “The wind made it tough at times, but I managed to hole a few nice putts and keep the momentum going after last week’s play-off win.

“The up-and-down on eight was a big moment. It’s one of the hardest holes on the course, so saving par there and going on to make birdie at the last was huge. With an early tee time tomorrow, hopefully we get slightly better conditions and fresher greens.”

Four players currently share third place at five under par: Argentina’s Gaston Bertinotti, Wales’ Owen Edwards, Germany’s Tim Tillmanns and Italy’s Ludovico Addabbo, who sits second in the MENA Golf Tour Rankings.

“It was a great round, to be honest. I played really solid,” said Bertinotti. “The course was playing pretty tough — really firm and fast, especially on the downhill shots — and the wind picked up after the fourth hole, which made things even more challenging.

“The wind makes the course a lot more challenging. There are holes where you can be hitting three clubs less than normal from the rough because the ball just doesn’t stop downwind. Both nines are tough in different ways. On the front you hit more drivers, and on the back there are a lot of demanding iron shots, especially with the par threes and the water in play.”

Rankings leader Chris Wood is absent this week as he competes in the Qatar Masters on the DP World Tour, and with Addabbo well placed heading into round two, there is an opportunity to close the gap at the top of the standings.

The Egyptian contingent found the windy conditions challenging but took plenty of positives from the experience of competing against the international field.

“Conditions are pretty tough with the wind,” said Ahmed Morgan, who carded an 81. “When I played this course on the Asian Tour without wind it was much easier, but with these conditions there are some really demanding holes. The greens are very fast, so it’s difficult to hold them, which makes knocking it close to the pin the key this week.”

Amateur Abdelrahman El-Defrawy echoed those sentiments after his opening 78.

“It was pretty tough out there with the wind, but the course itself is in great condition,” he said.

“The wind was probably the biggest challenge, especially with judging yardages between clubs. But that’s all part of the experience — playing under this kind of pressure is something I’ll take a lot from going forward.”