Brazilian Olympic Committee Looks for Private Sponsors

02/16/2017 - 10h36

Six months after the Olympics, the contracts between private sponsors and the Brazilian Olympic Committee (COB) haven't been renewed and the entity isn't receiving payments anymore from Nike, Nissan and Bradesco.

"All of the sponsorship contracts expired on December 31st, 2016, and now the COB is in the marketplace negotiating a new commercial plan with corporations interested in supporting Olympic sports through the Tokyo Games in 2020", the Committee informed a reporter.

According to the Committee, the first categories that will be opened for negotiations will be sports materials, banking and telecom.

Without contract renewals between COB and corporations, the primary source of revenue for the committee becomes the Lei Piva (Piva Law), which earmarks a percentage of lottery receipts from the Caixa Econômica Federal Bank to Olympic and Paralympic sports in the country.

The entity expects to collect around R$ 210 million (US$ 69 million) in resources from the lotteries in 2017.

Nike has had a relationship with the COB since 2012 and so has Nissan. Bradesco won the first competition for selecting national sponsors for the Olympic Games back in 2010.

According to the COB, the contracts with the older sponsors weren't renewed because they were tied to specific agreements for the period in which Brazil was organizing for the Rio Olympic Games here in Brazil.

The organization represents Brazil within the International Olympic Committee and has autonomy granted to it by the Constitution.

Carlos Arthur Nuzman has been the COB's President since 1995.

Translated by LLOYD HARDER

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