TOKYO: Japanese electronics giant Panasonic said Tuesday it will stop serving as a major sponsor of the Olympics and Paralympics, citing “management considerations”.
The company said it agreed with the International Olympic Committee (IOC) not to extend their sponsorship agreement when the current contract expires in December. Panasonic became an “official Worldwide Partner of the Olympic Games” in 1987 and expanded its sponsorship to the Paralympics from 2014, the firm said in a statement. But it decided to let the contract expire “as the Group continually reviews how sponsorship should evolve with broader management considerations”.