Governing Bodies
DESPITE TOKYO 2020 POSTPONEMENT, LONG-TERM SPONSORS PLEDGE TO STAND BY OLYMPICS
Major corporate sponsors of the Tokyo 2020 Olympics are standing by the International Olympic Committee (IOC) after the Games were postponed and experts familiar with the deals said the companies would not likely seek the return of billions of dollars committed to the agreements.
Fourteen global companies including Coca-Cola Co, Procter & Gamble Co and Intel Corp spent US$500 million (S$725 million) this year and have committed close to US$4 billion on multi-year contracts that designate them as top-tier sponsors, according to research firm Global Data.
On Tuesday (March 24), the Tokyo Games were postponed to 2021, a first in the 124-year modern history of the event, due to the coronavirus pandemicwhich has prompted governments to shut businesses globally.
After the announcement, four major sponsors, Procter & Gamble, Intel, Airbnb and Coca-Cola, reaffirmed their commitment to the Games. Bridgestone Corp will seek “creative solutions” in a delay, it told Reuters ahead of the announcement.
“As the longest standing sponsor of the Olympic Games, we remain committed to working together with the IOC and TOCOG (Tokyo Organising Committee) to create a successful and safe event,” said a Coca-Cola spokesman.
Despite the severe financial toll on the sponsors, the companies generally consider themselves long-term partners of the IOC.
“No doubt, the IOC and Japan are working hand-in-hand with those 14 sponsors,” said Jason Karlov, a partner at law firm Barnes & Thornburg, who has worked on previous IOC sponsor deals. “They keep the Olympic movement functioning and thriving.”Beyond the Olympics, the pandemic has forced the cancellation of nearly every national and regional sporting event in the coming months. Lawyers involved in those deals said many corporate sponsors, often smaller companies hard hit by the outbreak, are trying to back out and get their money back.
However, even if a company wanted its Olympic sponsorship money returned, it is unlikely the deal with the IOC allows it, according to those lawyers familiar with the deals.
The sponsorship dollars are crucial to the operations of the IOC, which is a non-profit organisation funded primarily by broadcast rights and revenue from top sponsors. The companies generally pay a portion of the total contract upfront when they sign and the remainder is paid in installments over the length of the agreement.
Reuters did not view the sponsorship contracts, but those familiar with the deals said every contract differs and the delay of the Tokyo Games may not necessarily trigger any obligation for the IOC.
Some sponsorship deals might require the IOC to provide “make good” compensation to its sponsors for a postponement of one year or more, lawyers said.
Make goods might include product placements for manufacturers of consumer goods, promotional footage or “meet and greet” events during the Olympics, said Eric Bergner, a lawyer for Manatt, Phelps & Phillips in New York.
Even with sweeteners, some companies may find it difficult to remain in long-term pricey contracts as the spread of coronavirus takes a huge toll on the global economy, one senior media executive said. “Nothing is off the table.”
McDonald’s Corp pulled out of its long-term Olympics sponsorship in 2017 when the restaurant chain was overhauling operations and cutting costs.
“I think it is definitely a possibility that some sponsors may seek to terminate their sponsorship entirely, based on overriding hardships,” said James Johnston, a partner at law firm Davis and Gilbert, which represents a current top IOC sponsor.
Michael Lynch, a partner at sports marketing company 3 Emerald Marketing, said the IOC likely will work with sponsors even if it is not required to.
“The IOC has an obligation to respect the integrity and spirit of the agreements, which was delivering a Winter and Summer Games within a four-year period,” said Lynch, who has worked on Olympic sponsorship deals, including 17 years with Visa Inc.
“The last thing the IOC will do is be at odds with the commercial organisations that partner to fund these Games,” he said.
Governing Bodies
Nigeria becoming an epicentre of global badminton as Francis Orbih enters the Badminton World Federation Council
Laurels on the courts and now glory in the boardroom sums up the mark that badminton is making in Nigeria.
The President, Badminton Federation of Nigeria (BFN), Francis Orbih, has been elected as a council member of the Badminton World Federation (BWF).
The election took place during the BWF Annual General Meeting on Saturday in Xiamen, China.
Orbih emerged victorious over top contenders from other African countries.
He will join Cameroon’s Odette Assembe Engoulou on the council, while Chipo Zumburani (Zimbabwe) and Hadia ElSaid (Egypt) missed out.
An elated Orbih expressed his gratitude to fellow badminton presidents across the globe for their trust and support.
He said, “I am deeply honoured by the trust placed in me by my peers across the badminton world.
“I look forward to quality representation, driving development initiatives, and strengthening badminton’s global reach over the next four years.”
Orbih also acknowledged the support of the Federal Government of Nigeria, particularly the National Sports Commission (NSC), which he said played a significant role in his successful bid.
“The Chairman and the Director General of the NSC monitored the entire process. I’m grateful for their involvement and confident Nigeria will benefit from this,” he stated.
He further appreciated the BFN board members and the Nigerian badminton community for their prayers and continued belief in his leadership.
“From the day I declared my intentions, the board members of BFN have been supportive, and I promise not to disappoint them,” Orbih concluded.
Join the Sports Village Square channel on WhatsApp: https://whatsapp.com/channel/0029Vaz7mEIGk1FxU8YIXb0H
A former member of the FIFA Council, Mamoutou Toure, has been released from jail in Mali after almost two years in detention for alleged corruption, Malian media reports said on Wednesday.
Toure, president of the Malian Football Federation since 2019, was released after 622 days in prison on Tuesday.
He served on the FIFA Council, world football’s all-powerful decision-making body, for four years until last month when he lost his seat after failing to contest new elections.
The 67-year-old was arrested in August 2023 on allegations of embezzling $28 million of public funds but was granted a provisional release order by the Malian courts, reports said.
He was accused of misconduct during his time as the National Assembly’s financial and administrative director from 2013-2019.
Toure denied all charges and, during his time in jail, was last August re-elected as Malian Football Federation president for a second consecutive term, with his supporters claiming he was a victim of a conspiracy fuelled by detractors.
While in jail, he received a letter of support from FIFA president Gianni Infantino. However, as of last month, Toure is no longer a member of the FIFA Council or the Confederation of African Football’s executive committee.
-Reuters
Join the Sports Village Square channel on WhatsApp: https://whatsapp.com/channel/0029Vaz7mEIGk1FxU8YIXb0H
The Nigeria Football Federation (NFF) has denied reports of an outstanding debt to former captain Christian Chukwu and has challenged anyone with verifiable documents to prove otherwise.
Chukwu, a former national team captain and chief coach, died last Saturday.
The Nigeria Football Federation decried statements in a section of social media that the football-ruling body was indebted to the deceased.
Reacting to one statement on social media that claimed NFF owed the 1980 Africa Cup of Nations-winning team captain the sum of $128,000, NFF General Secretary, Dr Mohammed Sanusi, said: “There is no record in the NFF of any outstanding indebtedness to ‘Chairman’ Christian Chukwu.
“During the first term of the Board headed by Amaju Pinnick, a committee was set up to diligently peruse the papers of coaches who were being owed, even from previous NFF administrations.
“That committee was given the clear mandate to verify all debts and ensure that the coaches being owed were paid immediately. I am aware that the ‘Chairman’ was in the employ of the NFF between 2002 and 2005, before he was relieved of the post following the 1-1 draw with Angola in a FIFA World Cup qualifying match in Kano in August 2005. There is certainly no record of indebtedness to him in the NFF.”
Sanusi challenged anyone with genuine and verifiable documents of NFF indebtedness to any coach, who has worked with any of the National Teams over the past two decades, to come forward and tender those documents.
“As a credible organization that is very much alive to its responsibilities, if we are confronted with any genuine document of indebtedness to any coach, we will offset the debt immediately.”
Join the Sports Village Square channel on WhatsApp: https://whatsapp.com/channel/0029Vaz7mEIGk1FxU8YIXb0H
The league title will be icing on Soname’s birthday cake on Sunday
As major global sporting events beckon, Morocco’s monarch launches the Kenitra-Marrakech High-Speed rail project
Nigeria Premier League attains a crescendo this weekend
- WOMEN'S FOOTBALL1 week ago
Naira rain falls on Nigeria’s Flamingos after a 4-0 defeat of Algeria
- OBITUARY4 days ago
NFF mourns the demise of former FIFA referee, Bosede Momoh
- Nigerian Football2 days ago
Financial rainfall awaits Nigeria’s Flamingos for every goal scored in Algeria
- U-17 AFCON1 week ago
Morocco crowned CAF U-17 AFCON champions after dramatic penalty shootout win over Mali
- U-20 FOOTBALL7 days ago
Nigeria begin CAF Under-20 Africa Cup of Nations title chase with Tunisian clash
- Nigerian Football6 days ago
Remo Stars maintain ‘7Up’ lead over Rivers United
- feature4 days ago
Ghana’s Cardinal, Appiah Turkson, listed as a possible Pope
- Nigerian Football3 days ago
Former WAFU President, Ogufere mourns Christian Chukwu