Another week gone and we are closer to the return of the major sports that have been so heavily impacted by Covid-19. Until then, there are plenty of business deals that continue to get done every week in the world of sports.
This week, International Olympic Committee extended its Worldwide Olympic Partnership with IT firm Atos for another four years, through 2024. This extension continues their partnership that began in 1989 with the 1992 Summer Olympic Games in Barcelona being the first Games to feature their work. As the world continues to operate more digitally, this partnership extension will assure that the infrastructure will remain the same, with Atos running the official Olympics website and app. This is a massive deal as this Worldwide Olympic Partnership keeps Atos in the top tier of the IOC’s sponsorship partners.
In the world of MMA, the biggest fight company on the planet- the Ultimate Fighting Championship, are changing their exclusive outfitting partner from Reebok to Venum. The six year deal with Reebok, estimated to have been worth $70 million over the life of the deal, began in 2015 and will expire in March 2021. Venum, a combat sports apparel and accessories company, was launched in France in 2005.
Other news in the sport business world sees Wimbledon able to pay out 10 million pounds in prize money to competitors even though the event was canceled thanks to an insurance policy they had that specifically featured a pandemic clause. Also, the Professional Bull Riders will set a milestone in the aftermath of the coronavirus by being the first organized body in the industry to welcome fans back in indoor arenas.