LA 2024 Bid Gets $250M Guarantee From State L.A. Council Questions Revised '24 Olympic Plans NHL Could Skip '18 Games, Return For Beijing USOC Gets Nearly $300M If L.A. Lands '24 Games USOC, LA 2024 Reach Marketing Agreement Revised LA 2024 Bid New Venues Added USOC Shows Diversity Hiring Stats LA 2024 Expands Olympic Venue Plans To Other Cities IOC Faces Several Issues, Including Bid Resistance Rome Drops Olympics Bid For Financial Reasons
GENERAL MOTORS PLAYS HARDBALL WITH OLYMPICS DEAL
Published January 9, 1995
In an interview with BRANDWEEK, GM North American Marketing and Advertising head Phil Guarascio said that the company is close on a '96 summer Olympics sponsorhip deal, but have been unable to come up with a mutually agreed price. According to sports marketing sources, GM offered $5M for the domestic auto sponsorhip, though ACOP had been asking $8M to $10M for its "second tier 'supplier' rights package." Guarascio feels that his bid is a fair one because the Olympics are "occuring during a typically slow sales period for the auto category." And since GM has already paid around $50M for an ad package on NBC's Olympic broadcast, he wants prices set "accordingly." Guarascio: "In the future we will not see one price per category. If you're sponsoring a ski event it might be worth $100,000 for Solomon Skis, but maybe only $20,000 for, say, Ray-Bans" (Eric Hollreiser, BRANDWEEK, 1/9 issue).