Despite the economic impact coronavirus has had on world sport, the organising committee for the Paris 2024 Olympic and Paralympic Games will not let the global pandemic change their sponsorship strategy.
The committee hope to generate €1.1 billion (US$1.29 billion) in revenue from sponsorship, contributing to overall games budget of €3.8 billion (US$4.47 billion). In addition, the likes of ticketing, merchandise and sponsorship will hope to form 97 percent of the overall cost of the hosting the Games.
Just last week the Games announced three new major sponsors, communications company Orange, insurance firm MAIF and media corporation Vivendi, who all have strong affiliations to France and French sport. The 2024 Olympic and Paralympic Games have taken their overall total of official sponsors to ten who will help with engagement with the public and corporate sectors.
CEO Étienne Thobois has said, “We are delighted to welcome MAIF, Orange and Vivendi as official bid partners of Paris 2024 and I thank them for their support. The arrival of three new companies as Paris 2024 sponsors with deep-rooted connections to France and French sport reaffirms the strength of our bid.
“We feel pretty confident that we can reach the target. We decided not to increase it; definitely, we think that wouldn’t be reasonable. But we’re still very optimistic on our ability to achieve that target.”
Thobois did comment saying that potential sponsors did fear that the Games were to be disrupted by Covid-19 and did impact contract negotiations, as the postponement of the 2020 Games in Tokyo amongst the uncertainty of virus impacted conversations.
Adding, “Maybe the conversation is a bit less business-oriented, and more value-oriented, motivation-oriented – more for the pride of the customers and the people within the companies. Let’s say that the conversation has shifted a little bit more around the purpose of why you should associate with that positive brand of the Olympics and Paris 2024.”
Last week the Paris committee scrapped the temporary building of two venues for events in swimming and volleyball over budget fears and controlling costs. However, the €3.8 billion (US$4.47 billion) budget will remain the same. Although, the strategy and approach to the planning and execution of the Games will differ from originally planned.
The Paris committee plan to support their original budget and will not let fears of covid-19 deter them from hosting the summer Games in four years’ time.
Orange, Vivendi, and MAIF are joined by the following other partners of the Paris 2024 Olympic Games: BNP Paribas, Elior Group, Groupe Caisse des Dépôts, FDJ, JCDecaux, La Poste, RATP.
Author: James Parker