Olympics Turn Profits for Visa
TOP sponsor Visa saw its profits climb 33 percent in the second quarter.
Visa previously reported that international visitors spent more than $115 million on their Visa cards during the Games.
Visa reported its quarterly net income climbed 33 percent to $713 million, compared to $536 million last year.
"Our performance was fueled by higher than expected payments volume growth," CEO Joseph Saunders said in a statement.
"We are increasingly optimistic that economic growth will gradually improve. At the same time, we remain diligent about how we manage our business and finances throughout the current economic environment."
New Sponsor Could Help Settle Revenue Sharing Issue
The signing of another TOP sponsor could smooth the way for the IOC and USOC to agree on how much the USOC should chip in for Games-related costs, the first element in their controversial revenue-sharing deal.
Denis Oswald, president of the summer sports federations and one of the IOC negotiators, tells Around the Rings that the USOC is trying to help the IOC sign another TOP sponsor.
There are currently nine, two fewer than the last Olympics. The sponsor name and category has not been released.
"There are discussions with a possible additional top sponsor," Oswald says. "If this comes to a positive conclusion, that would mean more money and it would be easier for USOC to accept our last counter-proposal, because having more money, they would be able to pay us something without cutting too much of their budget."
Oswald told the IOC Executive Board that the situation should be clarified in the next few weeks. "We need to keep the necessary pressure on our American friends," he said.
Oswald also told ATR that it's easier to work with the USOC's new leadership, chair Larry Probst and CEO Scott Blackmun, than with former chair Peter Ueberroth, who vigorously defended the USOC's right to its revenue share.
"They have showed a very positive attitude," says Oswald, who adds that the two sides had good discussions in Vancouver during the Winter Olympics. "They understand something has to be done and it was much more constructive than before.
Kia Finds Target Audience with Archery
Kia Motors extended its relationship with the International Archery Federation by two more years through 2011.
The value of the deal is worth $250,000 per year, according to SportsProMedia.com. The figure includes courtesy cars for major archery events.
"We are delighted to have a premier, global brand like Kia Motors supporting archery," said FITA President Ugur Erdener. "Our relationship with Kia represents the high-level status our World Cup and World Championships have achieved."
Kia has been the official car sponsor of archery since the inaugural FITA World Cup event in 2006. Kia’s motto is "Power to Surprise" and the company hopes its relationship with FITA will helpcapture a young audience.
"Archery is a perfect fit for Kia’s adventurous and young-at-heart brand and we are proud to be a long-term supporter of the sport," said Euisun Chung, vice chairman of the Hyundai-Kia Automotive Group. "We are delighted to continue our partnerships with world class sporting events such as the Archery World Cup and World Championships."
Briefs…
...GE will sponsor British Triathlon up to the 2012 Olympics in London. GE also will support British Triathlon Elite events, the Elite Para triathlon team, Age Group teams, home national regional academies and the British Triathlon Coach Development programee.
…London 2012 sponsor Cadbury plans to hold mini-Olympic events before the London 2012 Games. The events will include 2000 ambassadors and will be held at various sports clubs, universities, and village fetes.
…Coca-Cola GB eliminated its position of Great Britain marketing director. Coca-Cola GB president Sanjay Guha will serve as the new role of marketing and Olympic director for the European region, as well.
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