(ATR) The International Association of Athletics Federation lost Nestle as a sponsor due to the ongoing corruption scandal the federation faces.
Nestle, who was the title sponsor for the IAAF Kids Program, said in a statement "negative public perception" over the recent scandals the federation faces was the reason for the pullout.
"We believe that this could adversely affect our reputation and image and therefore have terminated the existing contract," Nestle said in a statement.
IAAF President Sebastian Coe refused to accept the decision of Nestle, and the federation said in a statement it is still in discussions with the corporation to reconsider.
"I am angered and dismayed by today’s kids’ athletics announcement," Coe said in a statement. "We will not accept it. It’s the kids who will suffer."
Nestle is not the first sponsor to say they are withdrawing their association with the IAAF. German sportswear company Adidas reportedly ended their sponsorship with the federation on Jan. 25 with four years left on their current deal.
Paris 2024 Lands Four Sponsors
The French Olympic bid has inked deals with four more partners worth an estimated $8 million.
Caisse des Dépôts Group, Elior Group, JCDecaux and RATP are each contributing around $2 million to the Paris 2024 bid budget. Lottery company La Française des Jeux was the first sponsor announced in January.
The agreements come ahead of the Olympic bid’s logo launch at the Arc de Triomphe in Paris this evening.
They form part of the French Olympic bid’s mission to raise up to half of its $60 million budget from a new sponsorship drive launched last month. The partnership deals entitle the companies to a "headline association".
Caisse des Dépôts Group is a public group serving growth, employment and the economic and territorial development of the country. Elior Group is a global contract and catering service provider. JCDecaux is a leading global outdoor advertising company. RATP is a major transport operator that manages the Paris subway, bus and tram lines.
Under the sponsorship strategy, each partner will have ownership of a particular theme that it will activate around the country to further enhance its relationship with the bid and promote Olympism across the country.
Click here to read the full story.
PyeongChang Gets Collectible Watch
Omega commissioned a special edition PyeongChang 2018 watch to celebrate two years to go until the Games.
Released on Feb. 9 to coincide with the celebrations, the TOP Sponsor released a special edition Aqua Terra 150M watch with the PyeongChang 2018 logo on the reverse side and Olympic colors featured around the minute track on the front face.
Only 2018 watches were produced, and each one will be presented in a 41 mm stainless steel case with both the Omega and PyeongChang logos for presentation.
Judo Gets New Partner
Oil and Gas producer SOCAR will be a partner of the International Judo Federation for the next four years.
IJF president Marius Vizer and SOCAR president Rovnag Abdullayev signed the partnership in Budapest, Hungary on Feb. 10 officially commencing the deal.
"The partnership with SOCAR will help us to develop even further all of our projects, in terms of sport, with the IJF World judo Tour, as well as in terms of education and social projects," Vizer said in a statement.
"With all what has been achieved over the past years in the judo world, we can witness an increase in interest from top companies to be associated with our development and we are very happy about it."
Written by Aaron Bauer in Rio de Janeiro
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