Alibaba will sponsor the next six Olympic Games

Alibaba has signed a deal to sponsor the next six Olympic Games, in a move expected to deliver at least $600 million into the coffers of the body that runs the world’s biggest sporting event. The Chinese ecommerce group founded by Jack Ma joins an elite corporate list that includes McDonald’s, Coca-Cola and Visa as part of the International Olympic Committee’s worldwide sponsorship programme until 2028. Under the terms of the deal unveiled yesterday, Alibaba will also provide technology services to the games organisers, and will establish the Olympic Channel, a new digital television service intended to promote the games to younger sports fans. Alibaba said it would help tailor the channel for Chinese audiences… The top tier of Olympic sponsors has previously been dominated by western groups and has only once before included a Chinese company — PC maker Lenovo during the 2008 Beijing games. But the IOC, the games’ governing body, has been seeking to build ties with Asian sponsors to help promote its events worldwide.

 

Murad Ahmed

Food4Brains

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