Toyota confirms it will end Olympics, Paralympics sponsorship

Tokyo: Toyota Motor Chairman Akio Toyoda confirmed on Thursday the company will not renew its 10-year contract as a top sponsor for the Olympics and Paralympics following the Paris Games.

The world's biggest automaker, which had already suggested it would not renew the contract when it expired, will continue to financially support athletes, Toyoda said in the company-owned media channel.

Earlier this month, Panasonic Holdings announced it would also end its 37-year contract as a top sponsor after it became an official partner of the Olympic Games in 1987.

The International Olympics Committee saw revenues of $2.295 billion from its top sponsors for the period 2017-2021, the second-biggest source of income for the Olympic movement, with broadcasters paying $4.544 billion over the same period.