The largest sponsor of the Tokyo Olympics, Toyota, is bailing on the event entirely as the games themselves have attracted widespread scrutiny across Japan, according to The Daily Yomiuri, citing a senior company executive which was confirmed by Reuters.
“We will not be airing any commercials related to the Games in Japan,” said Toyota CEO, Akio Toyoda, adding that he would not be attending the opening ceremony, and confirming that its advertising campaign in Japan had been withdrawn.
Toyota isn’t the first sponsor to pull the cord, but they are the largest. Earlier this month we noted that many Olympic sponsors – who had hoped to cash in on their sponsorship by hawking food, drinks and goods to spectators at the live events – have pulled out of the event.
More than a dozen companies, including Canon, Tokio Marine and Nicido Fire Insurance and Ajinomoto, bailed on the event in a decision which “highlights the delicate situation for sponsors who have tied themselves to a Games now hit by the COVID-19 pandemic and public opposition.”
In total, more than 60 corporate sponsors paid a record of over $3 billion for sponsorship rights, with another $200 million spend to extend their contracts after the games.– READ MORE
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