Japan’s Bridgestone will stop sponsoring the Olympic Games and join Toyota and Panasonic

Bridgestone ends decade-long partnership with the Olympic and Paralympic Games, becoming the third major brand not to renew its sponsorship of the Games

TOKYO, Japan – Japanese tire manufacturer Bridgestone said Tuesday, Oct. 1, that it will not renew its global partnership agreements with the Olympic and Paralympic Games when they expire this year.

This follows announcements in September by Toyota Motor and Panasonic Holdings that they would stop as top sponsors of the Games.

Bridgestone has been a global Olympic partner since 2014, it said in a statement.

Last week, Toyota Motor Chairman Akio Toyoda confirmed that the company will not renew its 10-year contract as top sponsor for the Olympic and Paralympic Games after the Paris Games.

The world’s largest automaker, which had already suggested the contract would not be renewed when it expired, will continue to financially support athletes, Toyoda said in the company’s media outlet.

In early September, Panasonic Holdings announced that it would also end its 37-year contract as top sponsor after becoming an official partner of the Olympic Games in 1987.

The International Olympic Committee saw revenues of $2.295 billion from its top sponsors for the 2017-2021 period, the second largest source of revenue for the Olympic movement, while broadcasters paid $4.544 billion during the same period. – Rappler.com