The International Olympic Committee and fast-food restaurant chain McDonald’s have reached a mutual agreement to end their worldwide ‘TOP’ partnership.
The IOC said in a statement today (Friday) that financial terms of the separation had been agreed by all parties.
McDonald’s TOP partnership, which had been due to run through to the 2020 summer Games in Tokyo under a deal signed in 2012, will now end with immediate effect.
However, the company will continue to serve as a sponsor of next year’s winter Olympic Games in Pyeongchang, with domestic rights in host nation South Korea only. The company will deliver its Games-time operations, including restaurants in the Olympic Park and the Olympic Village.
The IOC said it has no immediate plans to seek a direct replacement in the retail food operations sponsorship category, adding that it will review this area “in the broader context of existing Olympic marketing programmes”.
Timo Lumme, managing director of IOC television and marketing services, said: “The IOC’s sponsorship strategy is aimed at delivering long-term partnerships that help the Olympic Movement achieve the objectives set out in Olympic Agenda 2020, our strategic roadmap for the future.
“This strategy is exemplified by the recent announcement of long-term, ground-breaking agreements with new and existing global partners. In today’s rapidly evolving business landscape, we understand that McDonald’s is looking to focus on different business priorities. For these reasons, we have mutually agreed with McDonald’s to part ways.”
Silvia Lagnado, global chief marketing officer at McDonald’s, added: “As part of our global growth plan, we are reconsidering all aspects of our business and have made this decision in cooperation with the IOC to focus on different priorities.”