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Coca-Cola extends as Olympic sponsor in China deal to 2032

June 24, 2019
International Olympic Committee (IOC) president Thomas Bach, center, from Germany poses with Coca-Cola President and CEO James Quincey, left, and China Mengniu Dairy CEO and Executive Director Jeffrey, right, during a press conference during the first day of the 134th Session of the International Olympic Committee (IOC), at the SwissTech Convention Centre, in Lausanne, Switzerland, Monday, June 24, 2019. The host city of the 2026 Olympic Winter Games will be decided during the134th IOC Session. Stockholm-Are in Sweden and Milan-Cortina in Italy are the two candidate cities for the Olympic Winter Games 2026. (Laurent Gillieron/Keystone via AP)

LAUSANNE, Switzerland (AP) — Taking Coca-Cola’s sponsorship beyond 100 years, the IOC has extended with Coca-Cola from 2021 through 2032 in a first-ever joint commercial deal with Chinese dairy company Mengniu.

Coca-Cola’s partnership with the IOC began at the 1928 Summer Games and will now stretch to 104 years.

While the Atlanta-based drinks giant is an Olympic fixture, the deal helps 20-year-old Mengniu’s ambition to turn its milk and yogurt drinks business into a global brand.

The value of the deal was not disclosed at a signing ceremony Monday. The Financial Times citing anonymous sources reported it could be worth $3 billion with up to half in cash sponsorship.

“The agreement includes unprecedented investment in traditional and digital media to promote the Olympic values globally,” the IOC said in a statement.

Chief executives of both companies — James Quincey of Coca-Cola and Mengniu’s Jeffrey Lu — joined IOC President Thomas Bach to sign the agreement ahead of a day-long meeting to pick the 2026 Winter Games host. Milan-Cortina from Italy is the long-time favorite against Stockholm-Are from Sweden.

Beijing is the 2022 Winter Games host, and China’s internet giant Alibaba is already one of the 13 top-tier Olympic sponsors.

Mengniu and Coca-Cola had separate sponsorship deals with FIFA for the 2018 World Cup in Russia.

Coca-Cola is signed with FIFA through 2030, while Mengniu has not yet renewed its one-tournament deal.

China would be a strong contender to host the 2030 World Cup when FIFA clarifies a potential rule to permit bidders from Asia so soon after the 2022 World Cup in Qatar.

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