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Toyota signs on as global Olympic sponsor in long-term deal

Gold medal for the Sochi Olympics
Source: Sochi Olympic Committee

Toyota Motor has signed on as a worldwide Olympic sponsor in a long-term deal reportedly worth nearly $1 billion.

The deal runs through the 2024 Olympics.

Toyota is the first car company ever signed up by the International Olympic Committee for its top-tier TOP sponsorship program.

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Toyota officials declined to reveal the financial terms of the deal but Japanese media reported the company will pay $835 million.

IOC President Thomas Bach was in Tokyo to sign the agreement with Toyota president Akio Toyoda.

Toyota becomes the third Japanese company to become a worldwide Olympic sponsor after Panasonic and Bridgestone.

A total of 12 global companies, including Coca-Cola and McDonald's, are current TOP sponsors.

The chairman of the IOC's marketing commission is Japanese IOC member Tsunekazu Takeda, who is also head of the Japanese Olympic Committee.