Panasonic Holdings Corporation issued a press release on Tuesday announcing it is ending its Olympic Partner (TOP) agreement with the International Olympic Committee (IOC) after the contract expires at the end of December 2024.
The partnership between the Japanese electronics company and the IOC began in 1987 when the Panasonic group became an official Worldwide Partner of the Olympic Games. The partnership was later extended to include the Paralympic Games starting in 2014. According to Panasonic, the company will continue to support the Olympic Games' efforts to "promote sport, culture, and education with a view to building a better world," but after a review of how sponsorship should develop, both parties decided to end their partnership.
"The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy," said IOC President Thomas Bach, adding that the partnership was ending in a "respectful and friendly way."
