In "what is sure to be called a turning point in the
Olympics credibility crisis, John Hancock Mutual Life
Insurance Co. has agreed to throw its financial support
behind the 2002 Winter Games and beyond," according to Linda
Fantin of the SALT LAKE TRIBUNE (See THE DAILY, 2/11). The
deal was announced by IOC members, who are meeting in Sydney
this week. The four-year deal, which runs through the 2004
Games in Athens, costs "at least" $50M. IOC Marketing Dir
Michael Payne said that John Hancock signed on at "an
increased price over its previous commitment, [belying] the
notion" that the Olympic bid scandal has "cheapened the cost
of a sponsorship" (SALT LAKE TRIBUNE, 2/15). The WALL
STREET JOURNAL's Walker & Copetas value the pact at "about"
$52M. Analysts said the figure would "represent a discount
for Hancock," as the IOC has asked sponsors for as much as
$60M for four-year deals (WALL STREET JOURNAL, 2/15).
BACK ON BOARD: Walker & Copetas call the deal "a
milestone for the IOC" after last year's bribery scandal and
the criticism of the IOC and calls for reforms by Hancock
President & COO David D'Alessandro (WALL STREET JOURNAL,
2/15). IOC VP Dick Pound said the new deal shows that
Hancock is "satisfied with the reforms that were instituted"
(USA TODAY, 2/15). In a statement, D'Alessandro said, "We
believe that with its reform vote in December, the IOC has
addressed [the reform] issues. Its members listened to
voices for change from inside and outside the organization"
(AP, 2/15). In L.A., Alan Abrahamson writes that the "irony
in the announcement is inescapable," considering
D'Alessandro's "persistent criticism last year" (L.A. TIMES,
2/15). Fantin writes that the value of this deal will "be
measured in public relations points" with D'Alessandro
returning. Univ. of OR's Warsaw Sports Marketing Center Dir
Rick Burton: "Here's their biggest critic and he came
around. ... People will say, 'Hey weren't you the guy
complaining some months back?' But he's been very sincere
about the ethics issue almost to the point of becoming a
pariah. In challenging the sacred icon that is the
Olympics, D'Alessandro stood alone." John Hancock joins
Visa, Coca-Cola, SI/Time and Sema Group as national sponsors
through 2004. Yet to renew are Kodak, Xerox, Panasonic and
Samsung. Fantin: "By re-signing John Hancock, the IOC can
claim the recovery is complete and the power of the Olympic
brand is as strong as ever" (SALT LAKE TRIBUNE, 2/15).