China Mengniu Dairy and Coca-Cola have signed a long-term global Olympic deal as joint beverages and dairy sponsors starting from 2021 until 2032, according to the International Olympic Committee (IOC).
Coca-Cola’s previous deal ran to 2020 and the new agreement with China’s top milk products manufacturer, which will span six Olympic Games, makes it the longest Olympic sponsor. Coca-Cola has first supported the Olympic Games more than 90 years ago, in 1928.
Beijing will host the 2022 Olympics, while the Summer Games of 2024 will be staged in Paris. Los Angeles has been awarded the 2028 Olympics.
While some reports have put a multi-billion dollar price tag on the agreement, there are no financial details confirmed and both Coca-Cola CEO James Quincey and Mengniu Chief Executive Jeffrey Lu refused to comment on the actual size of the deal.
The two companies are already working together in some aspects of their business in China.
Source: Reuters
