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Olympics forge big sponsorship deal with Toyota

Olympics forge big sponsorship deal with Toyota
Toyota President and CEO Akio Toyoda, left, and International Olympic Committee President Thomas Bach announced the new sponsorship deal at a news conference Friday in Tokyo. (Eugene Hoshiko / Associated Press)

Olympic officials have negotiated an eight-year sponsorship deal with Toyota that will significantly boost their organization's coffers.

Terms of the agreement, which begins in 2017, were not announced but Japanese media have reported the International Olympic Committee will receive approximately $835 million.

That would rank significantly above other deals in the IOC's global TOP sponsorship program, which includes different types of companies that usually pay $100 million to $200 million to become official Olympic sponsors for varying lengths of time.

"This is a very symbolic day," IOC President Thomas Bach said Friday. "It is the first time in the successful history of the TOP program that we have had a mobility category."

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Toyota will seek to provide safer and more efficient transportation systems for host cities of future Games.

The IOC is a not-for-profit organization that says it redistributes more than 90% of its income, providing $3.25 million to athletes and sports organizations worldwide every day.

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