Toyota, Panasonic and Bridgestone end Olympic sponsorship contracts - South Korean media

Japanese companies are one after another announcing that they will not renew their Olympic sponsorship contracts. Toyota, Panasonic and Bridgestone have both announced that they will no longer be sponsors of the IOC (International Olympic Committee).
The IOC's contract with the Tokyo 2020 Olympic and Paralympic Games is due to expire at the end of the year, which has prompted the IOC to turn its attention to India and the Middle East to find sponsors who are expected to bring in up to $3 billion over four years.
On the 3rd, according to the Associated Press, AFP and other news agencies, Bridgestone announced that it would not be extending its Olympic sponsorship contract.
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This is a strategy to focus marketing on "motorsports" where they can directly challenge the Olympic Games. Also, in August last year, Toyota Motor Corporation announced its intention to terminate its "Olympic sponsorship" contract.
Toyota Chairman Akio Toyoda said, "The IOC's goals and the company's vision are not aligned," and added, "The Olympics are gradually becoming more political, and I wonder if they are really prioritizing and treating the athletes."
Panasonic, which had been an IOC sponsor for 37 years, also terminated its sponsorship contract, stating that it had "considered its desirable stance due to changes in the business environment and business."
It announces the end.