Toyota says it will end Olympic, Paralympic sponsorship deal in December

NAGOYA — Toyota Motor Corp confirmed Thursday it will not renew its top-tier sponsorship contract with the International Olympic Committee at the end of the year.

Toyota Chairman Akio Toyoda announced the decision via the Japanese automaker's media channel, while raising doubts about whether athletes are being put first in the Olympics.

"With the increasing political undertone of the games, we were wondering if this was the right way to go," Toyoda said.

The company will continue to support individual athletes and the International Paralympic Committee via its foundation, he said.

Toyota, which entered the contract in 2015, wanted to extend its sponsorship for the Paralympics only, but the IOC did not allow for an extension just for the Paralympics.

Some Japanese firms have distanced themselves from the IOC in the wake of a string of corruption scandals stemming from the Tokyo Games.

Panasonic Holdings Corp also said this month it will not renew its 37-year top-tier sponsorship deal with the IOC when the contract expires in December.

© KYODO