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Samsung Drops Out Of Diamond League


Bad news from Track & Field?
Article Courtesy: www.telegraph.co.uk

Samsung, the South Korean electronics giant which has sponsored the series for three years since its inception in 2010, has opted not to renew its deal for the forthcoming season, leaving the world governing body with precious little time to find a replacement before action gets underway.

The title sponsorship deal is believed to have been worth around £3 million a year to the IAAF, who have been forced to make financial cutbacks in recent years to weather the global economic crisis.

However, the IAAF insisted yesterday that the series would not be affected by Samsung’s departure and that it would make up any shortfall in the budget from its own reserves until another commercial partner was found. Until then, the series will be known as the IAAF Diamond League.

Samsung’s decision is a blow to the sport so soon after it enjoyed spectacular exposure at the London Olympics but an IAAF source the company had opted to "cut back on its exposure-driven activities".

It recently announced an individual endorsement deal with Usain Bolt and continues to sponsor the Olympic Games and Chelsea Football Club.


For Full Article: http://www.telegraph...-year-deal.html


6 Comments

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Justinbritton
Apr 03 2013 11:15 PM
I saw this! It's too bad, in terms of the sport it's a huge let down, the diamond league has a lot of money, so they should be able to fend for themselves in the meantime of finding a naming rights sponsor, hopefully that happens soon.

It would be funny if it were to be called, the "apple diamond league".
Ha! Yes, that would be awesome. Too bad we can't sponsor ;)
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Justinbritton
Apr 04 2013 04:27 AM
I mean you could sponsor..you'd just need to get a HUGE loan haha.
    • Ryan and Brianna like this
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Andrew Keresztes
Apr 04 2013 01:17 PM

Hopefully this doesn't ruin the whole diamond league. I look forward to watching the series all year!!!!

    • catalano98 likes this

I think there will be a top company stepping in eventually, the Diamond League offers fantastic exposure across multiple countries. Aside from being a premier track event, it's a huge business opportunity. I'm not too worried, but I guess I'm an optimist. :)

    • Justinbritton likes this
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Justinbritton
Apr 04 2013 04:00 PM
I think there will be a top company stepping in eventually, the Diamond League offers fantastic exposure across multiple countries. Aside from being a premier track event, it's a huge business opportunity. I'm not too worried, but I guess I'm an optimist. :)

 

I totally agree with you in that the exposure that it gives company's, especially a naming rights deal is huge.  The two meets that they hold in the US (Eugene & NYC) are always packed to the max & if you've seen the ones from  Europe and Asia, they do a great job with promotion overseas as well.  I'm sure that someone will hop on it soon enough, just too bad Samsung backed out so late. 

    • Ryan likes this
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