Russian financial services group VTB has said it will not extend its top-tier sponsorship deal with the International Association of Athletics Federations, but has denied the decision is connected to the Russian doping scandal currently engulfing the sport.
VTB is majority owned by the Russian government and became the first Russian company to sign a sponsorship contract with the IAAF in 2006.
VTB serves as an official partner of the IAAF with its current contract running from 2012 to 2015 – a period in which Moscow hosted the 2013 World Athletics Championships.
VTB first deputy president Vasily Titov told Russian news agency RIA Novosti: “It (the contract) has run out… We think that all the goals have been achieved regarding this. We have not planned to extend. No, it's not linked to the doping scandal in any way.”
The IAAF has also confirmed that VTB’s deal will not be extended. The organisation told the Associated Press news agency: “VTB has expressed no interest to extend its present contract, the last event of which was the IAAF World Championships in Beijing. The contract will come to a natural end in 2015.”