Major corporate sponsors of the Tokyo Olympics are standing by the IOC after the Games were postponed, as experts familiar with the deals said the companies would not likely seek the return of billions of dollars committed
“As the longest standing sponsor of the Olympic Games, we remain committed to working together with the IOC and TOCOG to create a successful and safe event,” said a Coca-Cola spokesman.
“No doubt, the IOC and Japan are working hand-in-hand with those 14 sponsors,” said Jason Karlov, a partner at law firm Barnes & Thornburg, who has worked on previous IOC sponsor deals. “They keep the Olympic movement functioning and thriving.” However, even if a company wanted its Olympic sponsorship money returned, it is unlikely the deal with the IOC allows it, according to those lawyers familiar with the deals.
Some sponsorship deals might require the IOC to provide “make good” compensation to its sponsors for a postponement of one year or more, lawyers said. McDonald’s Corp pulled out of its long-term Olympics sponsorship in 2017 when the restaurant chain was overhauling operations and cutting costs.
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