December 28, 2018 / 9:24 PM / in 19 days

Dick's Sporting Goods to end U.S. Olympic sponsorship

FILE PHOTO: A general view of Dick's Sporting Goods store in Stroudsburg, Pennsylvania, U.S., February 28, 2018. REUTERS/Eduardo Munoz

(Reuters) - Sporting goods retailer Dick’s Sporting Goods Inc (DKS.N) said on Friday it will not renew its United States Olympic Committee (USOC) sponsorship beyond 2018.

The company, in an emailed statement, cited “new investment focus” as the reason but did not elaborate further.

All 86 athletes currently in its program that offers compensation and flexible work schedules have the option to remain Dick’s associates and move to a traditional part-time role from Jan. 1, the company said.

USOC did not respond to request for comment.

Earlier this month, a report commissioned by the USOC and carried out by law firm Ropes & Gray said the Olympic panel failed to protect athletes from the threat of sexual abuse.

It showed some top executives took no action as the Larry Nassar sexual abuse scandal was unfolding.

Reporting by Mary Ann Alapatt in Bengaluru

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