Fast food chain McDonald's has signed up to sponsor the Olympics for a further eight years, meaning athletes and fans will be offered its burgers and fries in the official restaurants at Games venues until 2020.
The value of the new deal was not given but it was likely to be about $200 million based on what sponsors have paid in the past. McDonald's is the seventh major company to agree to support the Games until 2020.
We are delighted that McDonald's, our long-time and valued Olympic Partner for more than 35 years, is continuing its ongoing commitment not only to help fund the Olympic Games but also to support the Olympic Movement around the world and ultimately the athletes themselves, IOC President Jacques Rogge said in a statement on Friday.
The agreement was signed at the world youth Olympic Games in the Austrian city of Innsbruck.
The move will help boost McDonald's brand in fast-growing economies, with the 2014 Winter Games to be held in the Russian city of Sochi and the 2016 summer Games in Rio de Janeiro, Brazil. The 2018 Winter Games will be held in Pyeongchang, South Korea, with the 2020 summer venue yet to be decided.
The IOC does not want to see deals go past 2020 because it plans to review its sponsorship program beyond that date to take account of developments in technology.
The IOC received revenues of $957 million from its 11 leading sponsors for the Winter Games in 2010 in Vancouver and the Olympics in London this year.
Atos Origin, Panasonic and Samsung have extended their partnerships until Rio while Coca-Cola, Visa, Omega, Dow, GE and Procter & Gamble have also signed deals until the 2020 Games.
Taiwan-based computer company Acer is the only Leading sponsor that has not so far renewed its sponsorship.
We believe that the long-term agreements we have in place with leading companies are a testament to the continued strength and appeal of the Olympic Games as a global marketing platform for sport, said Gerhard Heiberg, IOC Marketing Commission Chairman.
McDonald's, an Olympic sponsor since 1976, began its involvement at the 1968 Winter Games when it flew hamburgers to U.S. athletes in the French Alpine resort of Grenoble after they reported being homesick for American food.
McDonald's will have four restaurants in the Olympic Park in east London for this summer's Games -- one will be for athletes in the Olympic Village, one for journalists in the Main Press Centre and two for spectators.
(Reporting by Keith Weir and Karolos Grohmann in Berlin; Editing by Jon Loades-Carter)