THE INTERNATIONAL Association of Athletics Federations (IAAF) has secured Samsung as the title sponsor of its Diamond League series for the third year in a row.
Having agreed a two-year deal in 2010, the Korean electronics manufacturer has activated a contract option to extend the deal for the 2012 edition.
According to the Frontiers Deals Database, Samsung paid $4.8m over two years for the original deal. To that effect, Frontloaded values the one-year extension at between $2m to $2.5m.
As a Worldwide Olympic Partner, and having signed high-profile stars David Beckham and Zara Philips as London 2012 brand ambassadors, Samsung remains one of the most visible brands in athletics – its latest renewal with the Diamond League reaffirming a commitment first made to the sport in 1988, partnering the Nagano Winter Olympics as a local sponsor.
Samsung’s most recent deal with the International Olympic Committee sees the brand as a global partner through the 2016 Games in Brazil.
Gyehyun Kwon, vice president & head of worldwide sports marketing for Samsung Electronics, acted as the strategic decision-maker on the IAAF Diamond League extension.
By Luke Harman
luke.harman@sportbusiness.com