Japan's Dentsu extends IAAF partnership to 2029
LONDON (Reuters) - Japan's Dentsu will promote the world athletics championships for the next 15 years after agreeing a renewed contract which the sport said would secure its financial future.
The deal, announced on Tuesday by marketing company Dentsu and the International Association of Athletics Federations (IAAF), extends a partnership that was already scheduled to run until 2019.
Financial terms were not disclosed. Media reports said the new deal guaranteed the IAAF 11 million pounds ($17.7 million) a year until 2019 and 14 million pounds annually over the following decade.
For its investment, Dentsu gets global marketing and licensing rights for major IAAF events as well as the media rights outside of Europe and Africa.
These events include the flagship world championships which are held every two years and will be staged in Beijing in 2015.
IAAF President Lamine Diack, who is 81, said the deal would allow him to hand over a sport in sound financial health when he leaves his post next year.
"I am proud to leave a secure legacy to my successor which ensures that athletics is ready to meet the worldwide challenges of a fast changing sport and leisure culture," he said.Dentsu first acquired the rights in 2001.
(1 US dollar = 0.6208 British pound)
(Writing by Keith Weir, editing by Sudipto Ganguly)
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