Toyota signed on as a worldwide Olympic sponsor Friday in a long-term deal reportedly worth nearly $1 billion. The deal starts globally in 2017 and runs through the 2024 Olympics, including the 2020 Games in Tokyo. Toyota is the first car company ever signed up by the International Olympic Committee for its top-tier TOP sponsorship program. Terms of the deal were not announced, but Japanese media reported Toyota will pay $835 million. The Toyota deal covers the 2018 Winter Games in Pyeongchang, South Korea, the 2020 Tokyo Olympics, and the 2022 Winter Games and 2024 Summer Olympics. While Toyota will join the TOP program in 2017, it will have marketing rights in Japan with immediate effect.
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