(ATR) Visa becomes the first TOP Sponsor to renew its agreement since the IOC agreed to manage the International Paralympic Committee sponsorship program.
The global payment company extended its current arrangement with the IOC through 2032, according to a release. Visa joined the IOC as a TOP Sponsor in 1986 and an IPC Partner in 2003. The company’s previous agreements with both organizations were through the Tokyo 2020 Olympics.
"We are particularly happy with this extension of our partnership because Visa is one of the founding members of our TOP Program," Thomas Bach, IOC President, said in a statement "Visa has always been a driving force for innovation on the world's stage. On behalf of the IOC, the National Olympic Committees around the world, and the athletes themselves, I would like to thank Visa, its clients and partners for their commitment through to the 2032 Olympic Games."
Starting in 2021 the IOC will manage the IPC’s sponsorships, according to a report from Sports Business Journal. That means the Visa extension would be the first newly inked deal to fall under this joint management umbrella.
IPC President Andrew Parsons called the agreement "great news" on social media and looked forward to future cooperation with the IOC.
"First major announcement of an IOC TOP partner extending its partnership AND including the IPC & Paralympic Games, after the IOC-IPC long-term collaboration agreement, signed last March," Parsons tweeted. "Together until 2032!!"
In addition to the Olympic extension, Visa remains a FIFA partner. The two properties could pay off for the company with the 2028 Summer Olympics and 2026 FIFA World Cup in the United States. The U.S. says it is interested in bidding for the 2030 Olympics, potentially bringing a third exposure to the market.
"They have been wringing their hands over whether to continue with the Olympics and/or FIFA," Tom Shepard, a consultant at 21 Marketing and former marketing executive at Visa, said to Around the Rings about the deal. "With the decisions to bring both properties back to the U.S. and the commercial value of FIFA, they are staying in."
The next confirmed Olympic cities are also large potential lucrative markets for the company. The next Summer Olympics will be held in Tokyo, Paris, and Los Angeles, while the next Winter Olympics will be held in Beijing.
Written by Aaron Bauer
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