The partnership between the IOC and Panasonic, which began in 1985, was extended for a further eight years during a signing ceremony with IOC President Jacques Rogge, and Fumio Ohtsubo, President of Panasonic, in London this afternoon.

Terms were not announced, but a single four-year sponsorship sells for US$70 million (£34.76 million) or more.

 

Panasonic will continue to be the official Worldwide Olympic Partner in the Audio and Video Equipment product category, and will have global marketing rights for the Beijing 2008, Vancouver 2010, London 2012, Sochi 2014 and the 2016 Olympic Games, as well as for the 205 individual National Olympic Committees and their Olympic teams.

Rogge welcomed Panasonic’s continued commitment to the Olympic Movement: “We are grateful to Panasonic for its long-term partnership with the Olympic Movement. Panasonic is a leader in its field and has been a Worldwide TOP Partner since the programme began.

 

"Over the years, Panasonic has provided vital support for the Olympic Movement with its digital technologies and expertise, and we look forward to continuing our work together in the future.”

Ohtsubo said: “Panasonic is proud to announce its commitment to supporting the Olympic Movement for another eight years through to 2016, building on its nearly 20-year partnership with the International Olympic Committee.

 

"Through our commitment to the Olympic Movement, we want to make it possible for people around the world to share the passion of the Olympic Games with our HD technologies, whether they are in the stadium or watching from home. Panasonic promises to bring the excitement of the Olympic Games to life.”

IOC Marketing Commission Chairman Gerhard Heiberg commented: “The support our TOP partners offer the Organising Committees is invaluable, and the Olympic Movement as a whole benefits from their long-term commitment.

 

"Today’s announcement is testament to how well existing partnerships are working across the Olympic Movement.”

 

Sebastian Coe, the chairman of London 2012, said: "We are excited that Panasonic are making a sizeable contribution to the Games in London.

 

"It is not just a financial relationship or one based on goods and services, it is also a shared philosophy."

 

The signing session was held at Whitehall's Banqueting House, where King Charles I spent his final hours before execution in 1649.

 

Panasonic becomes the eighth company to sign up as a global sponsor for the London Olympics, joining Coca-Cola, Atos Origin, GE, McDonald's, Omega, Visa and Samsung.

 

Samsung's deal also goes through 2016, while Coke's sponsorship lasts through 2020.