Toyota Signs Near Billion-Dollar Deal As Olympic Sponsor Through 2024

The Associated Press reported on Friday Toyota Motor Corp (NYSE: TM) inked a deal with the International Olympic Committee to be a "top-tier TOP" sponsor in the "mobility category."

Terms of the deal were not announced, but Japanese media reported Toyota will pay $835 million. The Associated Press suggested the price tag on the sponsorship deal is reportedly worth nearly $1 billion.

Thomas Bach, International Olympic Committee (IOC) President was in Tokyo to sign the agreement with Toyota's President Akio Toyoda.

The IOC said Toyota will work with organizing committees to "provide sustainable mobility solution for the games to help with safer, more efficient mobility, including intelligent transport systems, urban traffic systems and vehicle-to-vehicle communications systems."

The deal covers the 2018 Winter Games in South Korea, the 2020 Summer Games in Tokyo, and the 2022 Winter Games and 2024 Summer Games.