Bridgestone has signed on to become a worldwide sponsor of the Olympics in a six-year deal valued at $344M. The Japan-based tire company is the first new TOP sponsor signed by the IOC since '10. The Asahi Shimbun, a Japanese publication, first reported the deal. The $344M deal means Bridgestone will pay double what other TOP sponsors like Coca-Cola and Visa are estimated to be paying for the rights to the next three Olympic Games: Rio '16, Pyeongchang '18 and Tokyo '20. Bridgestone and the IOC are expected to announce the TOP deal when IOC President Thomas Bach visits Tokyo next month, sources said. The IOC could not be reached for comment. Bridgestone, which was founded in Japan in 1931, has a market cap of $27.6B. It is a major sponsor of sports in North America and has deals with the NHL, MLB and the Verizon IndyCar Series. It is the second Japanese company to become a TOP sponsor. Panasonic has been a sponsor of TOP since the program’s inception in the '80s. It recently signed an extension through '24 that is valued at close to $200M over four years.
Check out of the Resource Guide Live listing for Bridgestone.
