Sawt Falasteen - Banking giant JP Morgan becomes Olympics sponsor

The US banking giant agreed a deal which encompasses the 2028 Los Angeles Summer Olympics and Paralympics and the 2030 Winter Olympics and Paralympics in the French Alps.

"JPMorganChase is the first Global Partner from the banking sector in Olympic history, and we are proud to welcome them to the Worldwide Olympic Partner programme," said Coventry in an IOC statement.

"JPMorganChase's global reach and expertise will deliver lasting support for athletes and help create a lasting impact in communities worldwide."

TOP, which was created by the IOC's then-marketing chief Michael Payne in 1985, during the presidency of Juan Antonio Samaranch Senior, grants exclusive global marketing rights to the Olympics and Paralympics to a select group of companies.

Reports earlier this year claimed the IOC's revenues had slumped to $560 million last year, the lowest figure since 2020.

This followed the high-profile withdrawals of Intel, Toyota, Panasonic -- who had been a TOP member since 1987 -- and Bridgestone following the 2024 Paris Olympics.

JP Morgan has built up a considerable portfolio of sporting investments which includes Grand Slam Tennis, the US Open and the England football teams via its retail banking arm, Chase.

Existing members of TOP include Coca Cola and Visa, the two longest adherents.

"We are honored to be a Worldwide Partner of the Olympic and Paralympic Games, supporting athletes, fans, businesses and communities around the globe," said Jamie Dimon, Chairman and CEO of JPMorganChase.

"Olympians and Paralympians are more than athletes -- they are our customers, clients and employees, and their dreams extend beyond the Games.

"We bank the communities they live in, finance the facilities they train in, help them start businesses, and plan for their futures."

Y.Shaath--SF-PST