China Mengniu Dairy and Coca-Cola have signed a multi-year global Olympic deal a...
LAUSANNE, Switzerland - China Mengniu Dairy and Coca-Cola have signed a multi-year global Olympic deal as joint beverages and dairy sponsors starting from 2021 until 2032, the International Olympic Committee said on Monday.
While some reports put a $3 billion price tag on the agreement, there were no financial details available and both Coca-Cola CEO James Quincey and Mengniu Chief Executive Jeffrey Lu refused to comment on the size of the deal. “We will be activating our own individual marketing plans, but we are pleased to be a joint partner with a well-respected dairy company that is well known to us in China.”The announcement is a major boost for the IOC, strengthening its financial future as interest in the world’s biggest multi-sports event has waned in the last few years.
“This long-term agreement is another demonstration of the relevance and stability of the Olympic Games in these times of uncertainty,” IOC President Thomas Bach said.
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