BERLIN (Reuters) - Fast food chain McDonald’s and the International Olympic Committee (IOC) are close to agreeing a new, eight-year sponsorship contract and the deal could be sealed this month, the IOC’s marketing chief said on Tuesday.
McDonald’s, whose contract runs out after this year’s London Olympics, and IOC officials will meet in Austria during the Innsbruck Youth Olympics starting Friday to finalize details.
“The situation is positive and I don’t see any obstacle. We are very close,” IOC marketing commission chairman Gerhard Heiberg told Reuters. “We will meet in Innsbruck and finalize everything. Hopefully we will sign the contract there.”
Heiberg said the new, four-Games deal would include the 2020 summer Olympics, which have yet to be awarded to a host, as well as the 2014 winter Games in Sochi, the 2016 Rio de Janeiro Olympics and the 2018 Pyeongchang winter Olympics.
McDonald’s is one of 11 top sponsors who contribute an estimated $100 million each for every two-Games package of one winter and one summer Games though the IOC does not release details on individual deals.
The company has been an official sponsor since 1976.
Dow Chemical Co. and Procter & Gamble joined the list of sponsors last year.
Atos Origin, Panasonic and Samsung have extended their partnerships until Rio while Coca-Cola, Visa, Omega, Dow, GE and Procter & Gamble have signed deals until the 2020 Games.
Heiberg has said he does not want to see deals go past 2020 as the IOC plan to reform their top sponsorship program beyond that date.
Editing by Clare Fallon