The South Korean high-tech corporation, Samsung, has decided to sponsor the Pyeongchang winter games. Pyeongchang is a town located near the South Korean capital of Seoul. Samsung news has announced that the management of the company and the organizers of the games signed a sponsorship deal worth $920,000,000. It is expected that this financing deal would reduce the difficulties of the game managers who have not been able to attract domestic firms.
The President of South Korea, Park Geun-hye, had recently requested local organizations to finance the games. The Chief Organizer of the sports committee expects that the funding deal would not only contribute financially but also ensure the attraction of the other firms towards the games. The endeavors mark the future prospects of the company, but at a cost of overcoming challenges that are faced by the management. It is expected that games would contribute to the economy of South Korea.
Samsung news today reported that six other native businesses, including Korean Air, KT, Youngone Outdoor’s North Face brand, Samil Power, PriceWaterhouse Coopers, and Pagoda Education Group, would also finance the games. It is concluded that the organizers have been able to achieve 41% of their revenue target. This figure is sufficient to explain that the games would not be postponed in the Korean city. In 2011, the management of the International Olympics Committee had selected Korea as a host for the games.
This is not the first step taken by the corporate giant to promote Olympics, as it has also signed an international Olympics partnership deal with the Olympics Committee. Samsung is also well known for supplying its products to the Olympics games. Latest Samsung news affirms that the government of South Korea has also decided to finance the games, as the state-funded organization, Korean International Cooperation Agency, has also signed a funding deal with the game organizers .It is expected that the organizers would soon be able to generate 70% of the required finances.
Samsung’s management has also verbally welcomed the games in Korea, as its President of Corporate Relations, Sangjin Park, has stated that the company is amazed by the decision of the committee. These games would generate $61,000,000,000 for the country’s economy. These games would play an important role in boosting the growth of the economy. Now it is yet to be seen that to what extent do the signed sponsorship deals are play to their role in ensuring that games are hosted in an efficient manner and the Korean economy is able to reap its benefits.