Japan’s Panasonic to conclude Olympic sponsorship
Japanese electronics giant Panasonic announced on Tuesday that it will cease its role as a major sponsor of the Olympics and Paralympics, citing “management considerations.”
The company stated that it has reached an agreement with the International Olympic Committee (IOC) not to renew their sponsorship agreement once the current contract expires in December.
Panasonic became an “official Worldwide Partner of the Olympic Games” in 1987 and expanded its sponsorship to include the Paralympics starting in 2014, as noted in the company’s statement.
However, Panasonic has opted to let the contract lapse “as the Group continually reviews how sponsorship should evolve with broader management considerations.”
“As a result of this review, and after extensive consultation with the IOC, the parties agreed to refrain from renewing the Olympic and Paralympic Partner Agreement,” Panasonic explained, without providing further details.
This decision aligns with the company’s increased focus on vehicle-related products, such as batteries for electric vehicles, although consumer electronics continue to be its primary business area.
“The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy,” IOC President Thomas Bach stated in the Panasonic release. “Therefore, this partnership is ending in a respectful and friendly way,” he added.