Nike 'first in race for LA 2028 sponsorship deals'
Nike, the US sportswear giant, is in line to become the first major domestic sponsor of the 2028 Olympic Games in Los Angeles, it has been reported.
United States Olympic and Paralympic Properties, the joint venture of LA 2028, the local organising committee, and the US Olympic Committee, is finalising a money-spinning deal with the Oregon-based corporation, Sports Business Journal claimed this week.
It is understood that the deal would extend Nike’s kit supply deal with the US Olympic and Paralympic teams, which is due to expire after the Tokyo 2020 Olympics, through to 2028, with an option of a further four-year extension, to 2032.
Nike has been the sportswear partner of the teams since 2005, and its current contract is valued at around $4 million per year.
The company is already committed as a sponsor of USA Track and Field until 2040, and has high-profile contracts with top North American leagues in MLB, the NBA and the NFL.
A lucrative deal with Nike would represent a promising start to the LA 2028 sponsorship programme, with the organisers said to have set a target of $2.5 billion in sales for the first Olympics in USA since Atlanta 1996.
Last month, Chris Pepe, a former Visa executive was appointed as the chief commercial officer of US Olympic and Paralympic Properties. He will be responsible for the development and execution of the sponsorship strategy for the LA 2028 and Team USA brands, including new business development and partnership marketing.
Visa is one of the International Olympic Committee’s ‘TOP’ Olympic sponsors, in a deal running to 2032.