IOA sees 40% jump in Tokyo Olympic sponsorships
The sponsorships have allowed the Indian Olympic Association (IOA) to open up their coffers to players and coaches participating in the on-going Tokyo Olympic Games.
IOA has roped in 13 sponsors and partners — including the
Group, Amul, INOX Group, Edelweiss, MPL – Sports Foundation, Herbalife, Raymond’s, Nippon Paint, JSW and Sports For All — raking in over ₹20 crore.
This is a 40% increase over IOA’s total sponsorship deals in the Rio Olympic Games of 2016. All the deals were facilitated by sports marketing firm, IOS Sports.
“Rio Olympic was the first time when we started doing sponsorship deals for IOA,” said Neerav Tomar, MD & CEO, IOS Sports. “We had eight sponsors in 2016. This time there are 13 sponsors and the value is 40% more than last time. It was overwhelming to see that despite the pandemic, the interest from advertisers was at an all-time high.”
These deals have helped IOA to announce cash awards for coaches of medal winners, ranging from ₹7.5 lakh to Rs 12.5 lakh, in addition to the medal winners getting ₹75 lakh for gold, ₹40 lakh for silver and ₹25 lakh for bronze medals.
The IOA has also decided to give each of the participating National Sports Federations (NSFs) a bonus amount of ₹25 lakh. The IOA has also recommended a sum of ₹1 lakh to each athlete representing the country at the Tokyo Olympic Games.
Though there was interest among the sponsors, signing the deal was not a cakewalk, due to all the uncertainty around the event due to Covid.
It was only in the first week of June, when IOA unveiled the official kits for the country’s participation, when the sponsorship activity started. “All the deals have been signed in less than two months, as there were a lot of apprehensions over the Games. Everyone was waiting for some clarity,” Tomar added.
On the low amount deals, a senior executive of a sports marketing agency said unlike cricket and other sports, where sponsors get a lot of visibility, Olympics doesn’t allow for players to wear brands’ logos on their jerseys. “Partnering with IOA is more like a feel-good thing. Yes, you get to shoot with some athletes and get some social media mileage, but it’s nowhere close to what cricket gives in return. The deal value will remain a fraction of what a BCCI earns in sponsorships,” he said, requesting anonymity.
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