Legends has formally been named sponsorship sales agent for the '28 L.A. Games and Team USA, "putting it in charge of securing" $2.5B in corporate support, according to Soshnick & Novy-Williams of BLOOMBERG NEWS. Legends will work with U.S. Olympic & Paralympic Properties, the joint venture between LA28 and the USOC. The entity, whose "goal is to sell" $2.5B in domestic sponsorships, was "created this year to market" LA28 and Team USA, including sponsorship rights to the '22-28 Games. Financial terms of the arrangement were not disclosed. The USOC’s current portfolio of more than 20 domestic partners "expires after" the '20 Tokyo Games. Legends and U.S. Olympic & Paralympic Properties "will fill that stable" for '21-28. As part of the multiyear agreement, Legends "will also provide sponsorship-related consulting services, including an analysis and valuation of those rights, and a sales and marketing plan for the organizing committee and Team USA." However, the deal "doesn’t include event hospitality, another part of Legends’ business." Companies "can’t officially sign Olympics agreements until next year." Legends CEO Shervin Mirhashemi said that he "expects to start securing deals shortly after that window opens in January" (BLOOMBERG NEWS, 10/26). SBJ first reported in August that Legends and LA28 were finalizing a deal (THE DAILY).
