International Athletics

Adidas to end sponsorship of IAAF?

2016-01-25 10:21
Adidas (File)

London - German sportswear giant Adidas, the biggest sponsor of the scandal-hit International Association of Athletics Federations, is to end its multi-million dollar backing of the governing body four years early, the BBC reported on Sunday.

The BBC said Adidas's decision was related directly to the doping scandal engulfing global track and field.

Adidas is understood to have told the IAAF it was thinking iof withdrawing from its agreement as a a result of the World Anti Doping Agency (WADA) Independent Commission's first report, published in November, which detailed claims of "state sponsored doping" within Russia.

Earlier this month, commission chairman Dick Pound produced a second report, which revealed that "corruption was embedded" within the IAAF under former president Lamine Diack.

That, the BBC said, led Adidas to terminate its agreement, with officials at the company telling the IAAF of its decision this week.

According to the BBC, Adidas believes the doping revelations in Pound's report constitute a breach of its agreement with the IAAF.

The 11-year sponsorship deal was signed in 2008 and was due to run until 2019. At the time it was agreed, the deal was reported to be worth $33 million (23 million).

But the BBC, citing anonymous sources, said the figure was much higher and was worth around $8 million (5.6 million) this year alone.

On those figures, the projected lost revenue for the IAAF over the next four years will be $30 million (21 million).

Adidas' move will add to the pressure on IAAF president Sebastian Coe, who succeeded Diack in August, having been one of his vice-presidents for seven years.

Senior management at Adidas have also voiced their concerns at the corruption scandal surrounding FIFA, although the company remains a commercial partner of world football's governing body.

Read more on:    iaaf  |  athletics
NEXT ON SPORT24X

What To Read Next

 

Read News24’s Comments Policy

Live Video Streaming
Video Highlights
Sport Talk

Live scoring

 
 
Men
Women
Love 2 Meet
Sport24 on Twitter

Follow Sport24 news on Twitter

English Premiership flutter

Take Sport24's "expert" tips at your peril...

Featured

The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs
Vote

Patriotism aside, who do you feel deserved to win the 2017 Laureus Breakthrough of the Year award?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.