05 Apr 2013

Samsung ditches Diamond League

Cape Town - The International Association of Athletics Federations (IAAF) is on the look-out for a new title sponsor for the Diamond League after electronics giant Samsung opted against renewing its support of the series just one month before the start of the 2013 campaign.

According to the SportBusiness website, the South Korean firm has sponsored the series since its inception in 2010, but its decision not to renew the reported £3 million per year deal has left the governing body with little time to bring in a new title sponsor before the opening event of the season on May 10 in Doha, Qatar.

A source told the Daily Telegraph newspaper that the company had to cut back on its “exposure-driven activities”.

The report added that the IAAF has insisted that the series will not be affected by Samsung’s untimely decision, with the governing body ready to make up any shortfall in the budget for the series from its own reserves until a new sponsor is found. The Diamond League, which replaced the Golden League as the IAAF’s top-tier series, stages events across Europe, Asia and the US.

Samsung, which is a Top sponsor of the Olympic Games, renewed its shirt sponsorship deal with English Premier League club Chelsea last September for a reported fee of £18 million per year.

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