Rio Olympics gets 4 more sponsors; final talks on with 10 others

RIO DE JANEIRO: Rio de Janeiro Olympics organisers signed four new sponsorship agreements and are in final negotiations with another 10 companies, the 2016 games’ chief commercial officer said.

Rio 2016 will have reached as much as 80% of its sponsorship target if the agreements are completed, Renato Ciuchini said. The majority of the deals are a mix of cash and services, or value-in-kind. Organisers have budgeted for 51% of the Olympics' 7 billion reais ($3 billion) in operating costs being met through partnerships.

Brazil will be the focus of world sport over the next two years. It’s hosting top soccer players including Argentina's Lionel Messi and Cristiano Ronaldo of Portugal at soccer World Cup in three months, an event that's currently overshadowing Rio’s planning to stage the first South American Olympics. Ciuchini says that's stopping many companies from marketing their association with the multisport event.

"We all know, and all the sponsors know, that if Messi gets the flu that's the front page of all the papers," Ciuchini said after Education First signed on as Rio 2016’s language training provider last week. "So why do we need to get into this battle, spend money, effort and energy when we know this is not an area the press is focused on right now?" Ciuchini didn’t identify the other actual or potential sponsors, saying an announcement will be made in the coming weeks.