Asics to take over from Adidas as IAAF sponsor
By Mitch Phillips
MONACO (Reuters) - Japanese sportswear giant Asics Corp will take over from Adidas as the official sponsor of the International Association of Athletics Federations (IAAF), a source with knowledge of the deal told Reuters on Friday.The IAAF is expected to announce the deal on Saturday. Adidas, who had signed an 11-year sponsorship deal with the IAAF that was set to run until 2019, said on Friday it was ending the deal three years early.
"Adidas and the IAAF have agreed to terminate their existing partnership agreement in mutual agreement at the end of 2016," the company said in a statement.
The 11-year sponsorship deal was reportedly worth at least $33 million.
News of its expected termination initially emerged at the end of 2015, at the height of the IAAF's corruption scandal.
Media reports at the time said Adidas would be pulling out four years before the original contract ended as a result of doping and corruption controversies in the sport.
Last year an independent World Anti-Doping Agency (WADA) investigation exposed state-sponsored Russian doping.
It also said "corruption was embedded" at the IAAF under the governing body's former president Lamine Diack who, it added, ran a clique that covered up organized doping and blackmailed athletes while senior officials looked the other way.
He and his son Papa Massata Diack are currently under investigation by French authorities on corruption and money laundering charges. Friday's statement from Adidas added: "We would like to thank the IAAF for a successful and professional co-operation and we wish them all the best for the future. Continued...