Panasonic Holdings has announced that it will end its 37-year sponsorship of the Olympic Games following the conclusion of the Paris Games.
The Osaka-based company initially became an official partner of the Olympics in 1987 and extended its support to the Paralympics in 2014. Throughout its tenure, Panasonic has provided technological support, products, and services, including the Technics turntables used at last month’s breaking event in Paris.
This decision comes amid scrutiny over the turntables after a recent mid-air malfunction. Additionally, Toyota Motors, another major sponsor, is also concluding its sponsorship as its 10-year contract expires this year.
The International Olympic Committee (IOC) reported revenues of $2.295 billion from top sponsors between 2017 and 2021, making sponsorships the second-largest income source for the Olympic movement, with broadcasters contributing $4.544 billion during the same period.
Panasonic’s decision follows a comprehensive review of its sponsorship strategy and extensive consultations with the IOC. The company stated that the move aligns with its broader management considerations.
IOC President Thomas Bach expressed understanding and respect for Panasonic’s decision, noting that the partnership will conclude on amicable terms.