Top Olympic sponsor AXE their deal with the Games after 37 years together

Panasonic Holdings (HD) made a significant announcement on September 10, revealing that their long-standing sponsorship with the International Olympic Committee (IOC) will come to an end this December. 

After a 37-year partnership, which began when the company was still known as Matsushita Electric Industrial Co., Ltd., Panasonic will not renew its sponsorship ahead of LA 2028.  

This decision marks the end of an era for one of the Olympics’ longest-running and most impactful corporate partnerships, as Panasonic HD has played a pivotal role in supplying technology and equipment to the Games since 1987. 

The termination of this contract follows an agreement reached between Panasonic HD and the IOC, with the company citing changes in its business environment and strategic direction as reasons for not renewing the deal. 

Over the years, Panasonic’s sponsorship has included providing essential broadcast equipment, such as cameras and large commercial projectors, that have been integral to the Olympic Games’ broadcast and ceremonial functions. 

Over the years, Panasonic’s sponsorship has included providing essential broadcast equipment, such as cameras and large commercial projectors for the Olympics

For the International Olympic Committee, the loss of a long-time partner such as Panasonic will undoubtedly be felt, both in terms of financial support and technological expertise

Notably, at the Paris Olympics, the company’s Technics brand turntables were also used for the new breakdancing event, demonstrating Panasonic’s broad range of contributions to the Olympics. 

However, Panasonic has decided to sell its large commercial projector business to Orix, signaling a shift away from some of its traditional product lines. 

For the IOC, the loss of a long-time partner like Panasonic will undoubtedly be felt, both in terms of financial support and technological expertise. 

However, the IOC has a robust sponsorship program, and there are other global corporations eager to fill the gap left by Panasonic’s departure. 

As the LA 2028 Games approach, it will be critical for the IOC to secure new partnerships that can help carry forward the innovation and financial stability that have been hallmarks of the modern Olympic Games.