The last Japanese sponsor of the International OIympic Committee (IOC), tire manufacturer Bridgestone, will not be renewing that deal when it expires at the end of this year.
This comes with the other two Japanese partners of the Olympics and Paralympics over the last few years – Toyota and Panasonic – having unveiled similar decisions over recent months.
Go deeper with GlobalData
Bridgestone, which has been a ‘TOP’ IOC partner since 2015 and a Paralympic Games sponsor since 2018, said in a statement today that the decision has come “after an evaluation of the company’s evolving brand strategy, and its recommitment to more endemic global motorsports platforms.”
The total value of the IOC-Bridgestone deal has been estimated by GlobalData Sport to be just over $340 million.
Now, the Japanese brand has said it will carry momentum from the IOC tie-up forward “through a greater focus on more endemic platforms where tire products can directly challenge performance, drive innovation, and create widespread value.”
The brand has confirmed it will now look towards “reinforcement of motorsport.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn terms of its current motorsport deals, Bridgestone supplies tires to the IndyCar series in the US through the Firestone brand. Indeed, a lengthy extension on that front was unveiled in mid-September.
Firestone will continue as the sole supplier of tires for all IndyCar Series races, as well as the developmental Indy NXT series, and the annual Indianapolis 500 iconic event.
The Bridgestone brand is currently in its 25th consecutive season operating as IndyCar’s exclusive tire supplier.
Other ‘TOP’ IOC commercial partners include AB InBev, Airbnb, Alibaba, Allianz, Atos, Coca-Cola, Deloitte, Intel, Omega, P&G, Samsung, and Visa.
Toyota confirmed it would be parting ways with the IOC in late September, while the Panasonic deal was revealed as set to expire at the end of this year earlier this month.
Of the IOC’s total income levels, roughly 30% is brought in through sponsorship revenue.
In August, Anne-Sophie Voumard, marketing director at the IOC, said the body “would love to welcome a first new 'TOP' sponsor from India and I am sure that this is going to happen very, very soon.”
She also said at that point that TOP partners “come and go depending on their business strategy.”
August also saw Deloitte and the IOC unveil an expansion of their deal, through which the professional services firm will take on the role of games technology integration partner for the Olympic Games, the Paralympics, and the Youth Olympics.
