IAAF Scandal Fallout Hits Sponsor -- Sponsor Spotlight

(ATR) In the wake of the doping cover-up scandal currently rattling the International Association of Athletics Federations, Russian bank VTB announced on Thursday they would not to renew the bank's partnership with the IAAF.

Russia’s second-largest bank will let their sponsorship with the IAAF terminate at the end of 2015, bringing the seven-year partnership to a close.

"We think that all the goals have been achieved regarding this,"VTB said in a statement. "We have not planned to extend."

IAAF confirmed that the contract will come to an end.

"VTB has expressed no interest to extend its present contract, the last event of which was the IAAF World Championships in Beijing," IAAF said in a statement.

VTB was the first Russian sponsor for the IAAF when the deal was signed in 2008 and sponsored many world championships, including this year’s most recent edition in Beijing.

Although the decision comes three days after the WADA Independent Commission report was released claiming state-sponsored cover-ups of doping, VTB claims the scandal is "not linked to the doping scandal in any way."

The loss of VTB brings IAAF’s total number of sponsors to six with Canon, Toyota, Adidas, Seiko, Sinopec and TDK still on board with the federation.

DOSB Toasts to New Partner

The German Olympic Sports Confederation (DOSB) partners up with non-alcoholic Krombacher Brewery.

Krombacher acquired the rights to supply Germany House with its non-alcoholic beer for the next three Olympics in Rio de Janeiro, PyeongChang and Tokyo.

"The Olympics stand for team spirit, fairness, tolerance - all values that are shared and lived by the Krombacher Brewery," said Krombacher marketing director Uwe Riehs.

McDonald’s to Lean on "Iconic Menu" for Company Turnaround

On Tuesday, McDonald’s president and chief executive officer Steve Easterbrook gave an update on the plan to turnaround the fast food giant, which has suffered diminishing sales over the past two years.

McDonald’s, like many fast food chains, has seen consumer tastes shift from options like the Big Mac and french fries to more high end and specialty options.

The third quarter of 2015 was the first time in the past two years McDonald’s reported an increase in sales, something Easterbrook attributes to getting "back to basics."

"While we are still in the early stages of turning around our business, we are gaining momentum by focusing on our customers and what matters most to them - hot and fresh food, fast and friendly service," said Easterbrook.

McDonald’s will aim to improve upon its third quarter numbers and expects positive results and comparable sales in all segments. Easterbrook says the turnaround will rely on the strengths of the business.

"We must run great restaurants each and every day. We're leveraging our competitive strengths: iconic menu items that customers love and a unique franchise model that empowers local entrepreneurs."

Written by KevinNutley

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