Korean conglomerate Lotte Group has agreed a deal to sponsor a key test event for PyeongChang’s staging of the 2018 winter Olympic and Paralympic Games.
The International Ski Federation (FIS) men’s World Cup downhill and super-G events are scheduled to be held by the resort of Jeongseon on February 6-7 and they will now be backed financially by Lotte Group.
The company will provide KRW5bn (€3.8m/$4.2m) worth of sponsorship money for the two-day event. Shin Dong-bin, who is the chairman of both Lotte Group and the Korea Ski Association, struck the deal.
The event was only last week given approval to go ahead after concerns had been raised over construction at the Jeongseon site. However, the FIS gave it the green light following an acceleration of work at the facility.
In January 2015, Lotte Group agreed a long-term deal to become a sponsor of the Korea Ski Association. That deal runs for six years, from 2015 until at least 2020.