Japanese auto giant Toyota is to end its top-tier Olympics sponsorship, its chairman has said, citing the sporting showpiece’s “increasingly political” influence that puts athletes on the back burner.

Toyota struck a 10-year sponsorship deal in 2015 with the International Olympic Committee (IOC).

But now, with the Paris Games over, the carmaker decided to end the contract, chairman Akio Toyoda said during a podcast episode uploaded Thursday on the firm’s own YouTube channel.

“I’ve wondered for a while now whether the event is truly putting athletes first”. Toyoda said. “It is also becoming increasingly political.”

The withdrawal means Olympics logos currently carried by Toyota products will be phased out, and its vehicles will no longer be provided to assist with the event, the chairman said.

Public broadcaster NHK said the company is also ending its Paralympics sponsorship deal.

“For me, the Olympics should simply be about watching athletes from all walks of life, with all types of challenges, achieve their impossible,” Toyoda told the US auto dealers.

Toyota follows another Japanese company Panasonic in ending their association with the Olympics.

Panasonic announced its withdrawal earlier this month citing “management considerations”.

The electronics giant said it agreed with the 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 in 2014.

But it decided to let the contract expire “as the Group continually reviews how sponsorship should evolve with broader management considerations”.

“As a result of this review, and after extensive consultation with the IOC, the parties agreed to refrain from renewing the Olympic and Paralympic Partner Agreement,” Panasonic said without offering details.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Must Read

Opinion

Editorial

Miles to go
Updated 08 Mar, 2025

Miles to go

The realisation that a large part of Pakistan’s misfortunes is a consequence of women’s oppression is lost on the rulers.
Egyptian plan
08 Mar, 2025

Egyptian plan

AS the Gaza ceasefire faces an uncertain future, the Arab world has endorsed a new proposal for the occupied...
PIA taking off?
08 Mar, 2025

PIA taking off?

IN the second round, the government says it is going to make prospective buyers of PIA an offer they can’t refuse....
Terrorism ranking
Updated 07 Mar, 2025

Terrorism ranking

Poor relations with Afghan Taliban complicating Pakistan’s counterterrorism efforts.
Fear and favour
Updated 07 Mar, 2025

Fear and favour

The Trump administration’s position on Pakistan will become clearer with time.
Higher power costs
07 Mar, 2025

Higher power costs

IN recent years, soaring energy prices have drastically impacted Pakistan’s economic growth potential in general,...