Visa renews as Olympic sponsor through 2020
Visa extended its global sponsorship deal with the International Olympic Committee through 2020 on Tuesday. The eight-year renewal was signed in Moscow at a ceremony attended by IOC president Jacques Rogge and Dmitry Chernyshenko, president of the 2014 Sochi Winter Olympics. The value of the deal was not disclosed, but most four-year sponsorships are worth around $100 million. "Our partnership with Visa demonstrates a shared commitment - to the future of youth and sport, to the future of the Olympic Games and to the strengthening of the Olympic ideals and values we respect," Rogge said in a statement. Visa becomes the IOC's third top-tier sponsor to renew its partnership for the next six Olympic Games. Coca-Cola and Omega have also signed up through 2020. The credit card company was a founder member of the global Olympic partner program in 1986. "The Olympic Games transcend political and geographical boundaries to deliver incomparable international exposure," said Joseph Saunders, chief executive and president of Visa Inc. The IOC has nine top-tier partners, including Visa, paying a total of $883 million for the 2010 Vancouver Winter Olympics and 2012 London Summer Games. They others are Acer, Atos Origin, Coca-Cola, GE, McDonald's, Omega, Panasonic and Samsung. The Panasonic and Samsung deals run through the Sochi Winter Olympics and the 2016 Summer Games in Rio de Janeiro.