In another sign of the troubling economic times Johnson & Johnson has cut their Olympic sponsorship.
The IOC confirmed that the health care conglomerate would not renew its top-level sponsorship worth up to $100 million, after the news was first reported by Sports Business Journal.
"The IOC is proud to have worked in a successful partnership with Johnson & Johnson for both the (Turin) 2006 and Beijing 2008 Olympic Games," IOC spokeswoman Emmanuelle Moreau said.
According to SI.com:
"Johnson & Johnson's deal for 2005-08 was worth between $60 million and $80 million, and Sports Business Journal said the IOC would have gotten $100 million in its renewal over four years. That would have helped the committee achieve its goal of $1 billion for The Olympic Partnership program, or TOP, running from 2009-12.
Now the IOC needs to find another top-level sponsor in Johnson & Johnson's category as official health care products provider.
Olympic TV and sponsorship revenues for the 2005-08 cycle -- covering the 2006 Turin Winter Games and 2008 Beijing Olympics -- totaled about $3.5 billion.
Twelve companies signed up for the 2005-08 global sponsorship program generating nearly $900 million in revenues. TV rights fees, with the largest chunk from U.S. network NBC, provided the other $2.6 billion."