South Korean multinational conglomerate, Samsung, has extended its sponsorship contract with the International Olympic Committee (IOC) by a further eight years.
The electronics company will remain as the top sponsor until the 2028 Los Angeles Games, marking a 30-year relationship after becoming a top sponsor with the IOC in 1998.
Samsung will continue as the Worldwide Olympic Partner in the wireless communications equipment and computing equipment category, including the ability to promote the Artificial Intelligence, Virtual Reality, Augmented Reality and 5G features of that equipment.
“I am delighted that we will be building on two decades of partnership with Samsung for another 10 years,” IOC President, Thomas Bach said at the signing ceremony in Seoul.
“Together, we are able to connect with and inspire Olympic athletes and fans around the world, and we look forward to working with Samsung to build the digital future of the Olympic Games.”
financial details of the deal were not released but media reports have said the IOC was seeking around $50 million per year for similar deals.
Dong Jin Koh, President and CEO of the IT&Mobile Communications Division at Samsung Electronics, said: “As a Worldwide Olympic Partner for the last 22 years, Samsung has been inspired by the spirit of hope, friendship and unity.
“Through our innovative wireless and computing equipment which are able to support AI, VR, AR and 5G technology, we hope to spread the excitement of the Games so that fans and athletes around the world can stay connected and share in the journey to achieve greatness at the highest level of sportsmanship.”
In September, German insurer Allianz became the latest addition to the group, signing up to 2028.