Bridgestone’s newest Japanese company is ending its sponsorship of the Olympic Games

Bridgestone’s 10-year Olympic sponsorship deal, signed in 2014, will not be renewed once it expires at the end of 2024. (Olympic Games photo)

TOKYO: Tire giant Bridgestone has become the latest Japanese company to end its sponsorship of the Olympic Games, following the withdrawal of Toyota and Panasonic, as it seeks to focus on motorsport.

Bridgestone said Tuesday that it “still strongly believes in the IOC’s vision to ‘build a better world through sport’,” referring to the International Olympic Committee.

“The company continues to believe in the power of sports and will continue that momentum” by using tire products to “drive innovation,” according to a statement.

The decision comes after Japanese electronics giant Panasonic and car titan Toyota said last month they had decided to end their top Olympic sponsorships.

Toyota chairman Akio Toyoda has said the Olympics are “becoming increasingly political”, while Panasonic announced their withdrawal citing “management considerations”.

Bridgestone signed sponsorship deals with the Olympic Games for 10 years in 2014 and the Paralympic Games for six years in 2018, a company spokesman told AFP on Wednesday.

The contract will not be renewed when it expires at the end of 2024, the company said.

In December, Bridgestone said it had been appointed tire supplier for the Formula E World Championship from 2026.

It described its role in the electric car championship as “a cornerstone of the company’s sustainable global motorsport strategy.”