Samsung is extending its TOP sponsorship with the IOC through the 2028 L.A. Games, "dispelling rumors about its possible withdrawal after the company’s involvement in a former president’s bribery scandal," according to Song Su-hyun of the KOREA HERALD. The new agreement means Samsung will "become an official sponsorship member of the Olympics for 30 years." As part of the agreement, the IOC and Samsung will "further develop their strategic digital collaboration to engage young generations around the world in order to promote the power of sports and the values of Olympism." Samsung had reportedly "considered opting out of Olympic sponsorship after a bribery scandal" involving former South Korea President Park Geun-hye, which had included Samsung's "financial influence related to a young horse rider with links to the ex-president." Samsung is the "second-largest sponsor of Olympic events" (KOREA HERALD, 12/4). YONHAP reported sources said that Samsung's decision apparently came amid a "rising call from South Korean politicians who claim that the company should remain as the sponsor, especially as Seoul and Pyongyang recently agreed to put together a joint bid" for the 2032 Games. Sources said that although Samsung's latest contract only covers the Olympics through '28, the company is "likely to seek another extension if the two Koreas successfully win the bid" for the '32 event (YONHAP, 12/4). REUTERS' Karolos Grohmann reported no financial details of the deal were released but the IOC has reportedly been seeking around $50M per year for similar deals (REUTERS, 12/4).
