Samsung Electronics has extended its deal to be a worldwide TOP sponsor of the International Olympic Committee (IOC) until the end of 2020, it was announced here today.
The South Korean multinational conglomerate, which has been a TOP sponsor since before the Nagano 1998 Winter Olympic Games, becomes the 11th company to commit to the programme for the next six years as the IOC continues to consolidate its financial security.
They will act as the official Worldwide Olympic Partner in the Wireless Communication Equipment and Computing Equipment category.
The extension of the partnership was made official during a Signing Ceremony at the Summer Youth Olympic Games here between IOC President Thomas Bach, and Samsung Electronics vice-chairman Jay Y Lee, who was acting on behalf of chairman Lee Kun-hee - his father who is also a member of the IOC - as the 72-year-old continues his recovery from emergency heart surgery earlier this year.
"We are delighted to be able to continue our partnership with Samsung," said Bach.
"The funding generated by the TOP Programme directly supports the staging of every Olympic Games, as well as every one of the National Olympic Committees, enabling athletes from all over the world to prepare for and compete at each Games.
"Samsung also supports the operations of each Games by providing leading wireless telecommunications and technology equipment.
"In addition, Samsung's technologies and global marketing reach will engage fans around the world with the Olympic values and the Olympic Movement."
Samsung will now support the next two editions of the Summer Olympics, in Rio in 2016 and in Tokyo four years later, as well as the Pyeongchang 2018 Winter Games in South Korea.
They will also continue to support the IOC and every National Olympic Committee.
The deal is another major boost for the IOC as the organisation's strong foundations are further cemented into the future, with Bridgestone, Atos and Panasonic three other companies to have signed similar agreements earlier this year.
All of its existing TOP sponsors are now onboard until 2020.
"Samsung aims to spread the Olympic spirit through our innovative wireless and computing technologies, enabling all fans around the world to stay connected and share the excitement of the Games," said Samsung Electronics executive vice-president of Global Marketing, IT and Mobile Division, Younghee Lee.
"We are proud to extend our involvement in the Olympic Movement, as it is meaningful to us to inspire people through the passion that lies behind the Games and contribute to creating a smarter Olympic Games."
IOC Marketing Commission chairman Tsunekazu Takeda added: "I am delighted that we have now reached agreements with all of our existing partners through to at least 2020".
"This is a clear sign of the strength of the programme and the global appeal of the Olympic Games and the Olympic values."