Athletics

Adidas To Terminate IAAF Sponsorship Deal Because Of Doping Crisis

Adidas To Terminate IAAF Sponsorship Deal Because Of Doping Crisis
Bayo Psalm

The International Association of Athletics Federations (IAAF) is on the verge of losing their biggest sponsor Adidas, after the German multinational corporation has decided to terminate its sponsorship deal four years ahead of time.

It is understood Adidas have revealed to the IAAF in November that a possible move to terminate its relationship was to come following the Russia doping scandal. More scandals have been unveiled since then and the sports kit manufacturer thinks it is wise to part ways with the world athletics governing body.

6017_full

GarberSports has gathered that the termination will result in the loss of tens of millions of dollars for the IAAF, which will be a major blow to president Lord Coe.

The IAAF, however, issued a statement on Monday revealing it is “in close contact with all its sponsors and partners as we embark on our reform process”. Other official partners of the IAAF are Canon, Toyota, Seiko, TDK, TBS and Mondo.

The Adidas deal, reported to be worth $33m (£23m), was signed in 2008 and due to run until 2019. But, according to the BBC, the figure is much higher in terms of cash and product, at around $8m (£5.6m) per year. This means the projected lost revenue for the IAAF over the next four years will be more than $30m (£21m).


Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

seven + one =

Athletics
Bayo Psalm
@BayoPsalm

Bayo Psalm Adeoye is a radio & TV sportscaster and sports writer. He has keen interest in Football (Soccer) and Tennis. He occasionally writes on Formula 1, Basketball and Athletics. He also writes and presents in Pidgin English. Previous writing experiences are for SuperSport, SL10, Football Naija and Sportive 23. Bayo Psalm studies Information and Communication Science at the University of Ilorin in Nigeria..

More in Athletics

Best Moments of Rio 2016 So Far

Joshua MasonAugust 18, 2016

Prince Harry and his Invictus Games

Joshua MasonMay 10, 2016

2016 NBA ALL STAR LINEUP (WITHOUT FAN VOTING):

Jamar StephenJanuary 20, 2016

Oscar Pistorius Found Guilty Of Murder

Ashish MaggoDecember 3, 2015

Pistorius To Be Released From Jail On October 20

Ashish MaggoOctober 16, 2015

Pistorius To Remain In Jail, New Murder Trial On Nov 3

Ashish MaggoOctober 5, 2015

IAAF World Championships: Bolt wins third gold medal

ololade olatunjiAugust 29, 2015

IAAF World Championships:  Hamstring injury denies Okagbare 200m chance

ololade olatunjiAugust 26, 2015

Breaking News:  Bolt beats Gatlin to win 100m gold in Beijing

ololade olatunjiAugust 23, 2015