SOCHI, Russia (Reuters) - The International Olympic Committee (IOC) has extended its sponsorship deal with Panasonic for another eight years, it was announced on Thursday.
The Japanese electronics company's current deal with the IOC goes until 2016 but the new arrangement will take their partnership through until 2024.
"We are thrilled to be able to announce that we will continue to work with our long-term partner Panasonic," IOC President Thomas Bach said in a statement.
Panasonic has been one of the IOC's elite sponsors since 1985, signing up to The Olympic Programme (Top), which currently comprises just 10 major companies.
Although the IOC does not reveal the financial terms of its Top deals, the total sponsorship package for the next four years is estimated to generate about $1 billion in revenue to the IOC.
"Panasonic was one of the founding members of our global sponsorship programme, and is the first partner to commit to continue its global sponsorship through 2024," Bach said.
"This is a clear demonstration of Panasonic's continuing belief in the Olympic values and the company's global commitment to the Olympic movement."
(Reporting by Karolos Grohmann; editing by Julian Linden)