The 37th America’s Cup is set to take place in Barcelona, Spain, in 2024. (David Ramos/Getty Images)

The America’s Cup, international sailing’s elite-tier competition, has announced a sponsorship deal with global drinks giant Coca-Cola.

Under the agreement, Coca-Cola will be the global soft drinks partner of the event that will be held in 2024 in Barcelona, Spain.

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The major soft drinks brand will partner with the 37th edition of the America’s Cup to develop its sustainability initiatives.

Coca-Cola will also bring its Mares Circulares (Circular Seas) program to the event to promote beach cleaning.

Grant Dalton, chief executive of the 37th America’s Cup, stated: “We are especially proud to have such an iconic international brand joining the 37th America’s Cup in such an iconic city, but driven so emphatically at a local level by an organization like Coca-Cola here in Barcelona.”

An iconic brand, Coca-Cola has long been affiliated with a number of sports.

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In July, the soft drink giant signed a “transformative” long-term partnership with the US Soccer Federation to aid the growth of the game in the US.

Meanwhile, in May, the brand signed a deal to remain the official soft drink of golf’s iconic PGA Tour until 2027, having first partnered with the brand in 2002.

The deal with the 37th America’s Cup adds to the growing list of sponsors that the iconic event has accrued.

Most recently, Italy-based financial services and banking firm UniCredit signed on to officially sponsor the race.

As part of the agreement, organizers AC37 Event and World Sailing will invest in community projects for Barcelona’s Blue Economy project and support World Sailing’s sustainability strategy, Agenda 2030.