The World Taekwondo Federation has agreed a record commercial partnership with Korean construction company Booyoung Group.
The deal making Booyoung a global partner of the WTF will run for six years, from 2015 through to 2020.
Under the agreement, Booyoung will invest a total of $10m (€9.2m) into the WTF during the run-up to the 2020 summer Olympic and Paralympic Games in Tokyo, Japan.
The WTF said the funds will be used to expand its para-taekwondo structure among its 206 member associations. Para-taekwondo has been confirmed by the International Paralympic Committee as one of 22 core sports that will feature at the Tokyo 2020 Games.
WTF president Chungwon Choue said: “The WTF has had a very successful few years having consolidated taekwondo’s position on the Tokyo 2020 Olympic Games sports programme and having been included in the Tokyo 2020 Paralympic Games. However, there is no room for complacency. We want to continue to evolve and innovate to make our sport better for our athletes and for our fans.
“Investment through partnerships, sponsorships and broadcasting deals is vital to our future development and we are confident in the coming months and years more companies will look to join the Booyoung Group in becoming WTF global partners.”