A little over a year after Beijingwas chosen to host the 2008 Olympics, a sixth IOC sponsor has committed itself to China's first-ever Games.

Matsushita Electrical Industrial Co. Ltd (MEI) renewed on Tuesday its worldwide Olympic sponsorship with the International Olympic Committee (IOC) through the 2006 Winter Olympics in Turin and the Beijing Games.

The Japanese corporation, therefore, joins the other five sponsors -- Coca-Cola, Kodak, SchlumbergerSema, Swatch and John Hancock -- in the IOC's TOP VI program, which covers the years from 2004 to 2008.

Of the sixth sponsors, John Hancock renewed its contract with the IOC during February's Salt Lake City Winter Olympics. The other four's commitments to the Games came earlier.

IOC said last October that at least 1 billion U.S. dollars has been ready for the Beijing Games and it came mainly from two majorsources: the television rights sales and international sponsorship.

But IOC marketing director Michael Payne didn't reveal the current total of sponsorship, only saying that in the coming weeksat least two or three sponsors will commit themselves to the next two Games.

He, however, pointed out that Beijing's financial prospect seems much better than any previous Olympic Games.

"The Beijing Olympic Organizing Committee is probably further ahead than any previous Organizing Committee in the development ofits planning," said Payne at today's signing ceremony.

With the television rights agreement put in place and a sixth sponsorship contract signed, Payne said that Beijing Olympics is "about 18 months earlier in the cycle than we had with previous Olympic Games".

"That is a clear indication of the tremendous support and interest to the Olympic Movement and to the Games," he added.

This signing ceremony came just before a three-day visit by theIOC's Coordination Commission for the 2008 Olympics to Beijing. Marketing is one of the topics that the IOC team will talk with the Beijing Olympic organizers.

Hein Verbruggen, chairman of the IOC coordination commission, also expressed at the ceremony his great optimism to the marketingsuccess of the Beijing Olympics.

He said that most recent Games, whether Sydney 2000 or the coming Athens Olympics in 2004, have indicated that the world's business community has "very, very big interest" in the top sporting event in the world.

Considering six sponsorship agreements have been signed "at such an early stage (of the Beijing Olympics)", it is "a sign thatthe marketing program for the Beijing Olympics is going to be a very successful one", he said.

Close