Top Olympic sponsor ENDS its contract with the IOC after 37 years… citing changes in its business environment and strategic direction ahead of LA 2028
- Panasonic Holdings (HD) has terminated its sponsorship agreement with the IOC
- After 37-year partnership, Panasonic will not renew its deal for LA 2028
- The company cited changes in its business environment and strategic direction
Panasonic Holdings (HD) made an important announcement on September 10: its long-term sponsorship agreement with the International Olympic Committee (IOC) will end in December.
After a 37-year partnership that began when the company was known as Matsushita Electric Industrial Co., Ltd., Panasonic will not renew its sponsorship agreement before LA 2028.
The decision marks the end of one of the Olympic Games’ longest-running and most influential corporate partnerships. Panasonic HD has played a crucial role in providing technology and equipment for the Games since 1987.
The termination of this contract is the result of an agreement between Panasonic HD and the IOC. The company cited changes in the business environment and strategic direction as reasons for not renewing the agreement.
Over the years, Panasonic has supplied essential broadcast equipment such as cameras and large commercial projectors, which are an integral part of the Olympic Games broadcasts and ceremonial functions.
Panasonic Holdings (HD) has made a major announcement, revealing that its long-term sponsorship with the International Olympic Committee will end in December
Over the years, Panasonic has supplied essential broadcast equipment such as cameras and large commercial projectors for the Olympic Games.
For the IOC, the loss of a long-standing partner like Panasonic will undoubtedly be felt, both in terms of financial support and technological expertise
Interestingly, Panasonic’s Technics brand turntables were also used for the new breakdance event at the Paris Olympics. This shows that Panasonic is making a wide range of contributions to the Olympics.
However, Panasonic has decided to sell its large commercial projector division to Orix, marking a shift away from some of its traditional product lines.
For the IOC, the loss of a long-standing partner such as Panasonic will undoubtedly be felt, both in terms of financial support and technological expertise.
However, the IOC has a robust sponsorship programme and there are other international companies keen to fill the gap left by Panasonic’s departure.
As the 2028 Olympic Games in Los Angeles draw closer, it is critical for the IOC to forge new partnerships that can foster the innovation and financial stability that characterize the modern Olympic Games.