Barclays Replaces Lloyds As British Olympic Association Financial Services Partner
Barclays will be the first new sponsorship signing for Sebastian Coe's "embattled British Olympic Association," replacing Lloyds as the primary financial-services partner, according to John Reynolds of MARKETING MAGAZINE. The bank is set to announce details of an estimated £4M ($6M) sponsorship deal next month, which will give Barclays marketing rights to Team GB "until and during the summer Games in Rio de Janeiro in 2016." Barclays is the first new brand the BOA has signed up "since it was handed back" the commercial rights to Team GB following London 2012. The rights had been handled by LOCOG in the run-up to last year's Olympics. The signing "represents a coup" for the BOA and Chair Coe. They had been criticized for not finding any sponsorship partners since the end of the London Games. Only adidas has re-signed with the organization to date (MARKETING MAGAZINE, 2/26).