Fast-food restaurant McDonald’s has withdrawn as a top level sponsor of the Olympic Games three years before its current agreement was due to end, the International Olympic Committee said Friday.
In a statement, the IOC said the decision was “mutually agreed” and that “the financial terms of the separation was agreed by all parties, details of which are confidential.”
The withdrawal of McDonald’s – though it retains domestic marketing rights for the 2018 Winter Games in Pyeongchang, South Korea – leaves the IOC with 12 top-tier sponsors on agreements to at least 2020.
McDonald’s, an Olympic sponsor since 1976, last signed an eight-year commitment in 2012.
“The IOC’s sponsorship strategy is aimed at delivering long-term partnerships that help the Olympic Movement achieve the objectives set out in Olympic Agenda 2020, our strategic roadmap for the future,” IOC marketing director Timo Lumme said.
“In today’s rapidly evolving business landscape, we understand that McDonald’s is looking to focus on different business priorities.”
The IOC said it does not plan to immediately to appoint a direct replacement in the retail food sponsorship category but will review the existing sales categories.