The World Sailing governing body has announced its extension of their partnership with Swiss watchmaker, Rolex.
Rolex and World Sailing’s partnership dates back all the way to 2001. Since then, the Swiss watchmaker has been the title sponsor of the World Sailor of the Year awards, which is seen as the highest honour a sailor can achieve in the sport.
The prestigious awards had to unfortunately be cancelled this year due to current circumstances, but the event is set to make a return in 2021 to celebrate success and excellence across the sport.
The extension of the partnership between the two will assist World Sailing in bringing in sponsorship revenue of over £1.5m between 2021 and 2024. This will help with paying back a £2m loan to the International Olympic Committee that World Sailing had to take in order to cover the sports funding for the Tokyo Olympics, now set to take place in the Summer of 2021.
World Sailing was one of 15 international federations that took up the IOC’s loan offer after the announcement that the Tokyo 2020 Olympics games were going to be postponed.
Chief Executive of World Sailing, David Graham said, "2020 presented many challenges due to COVID-19, especially in relation to cash flow".
He added, "Management have now managed to secure adequate funding to cover us to the Tokyo Olympics, to 2021.
Author: Fred Dobberson