Eastman Kodak is extending its worldwide sponsorship of the Olympics through to the 2008 Games, with an estimated $100m (&£62m) deal.
The company first supported the modern-day Olympics when it relaunched in 1896, and is the longest-standing sponsor. The new deal will cover both summer and winter Games.
Kodak uses the event to showcase a wide range of products and services.
As part of the deal, the company will set up the world’s largest photo lab, the Kodak Image Centre, to support the 1,000-plus accredited photographers covering the Games. It will also provide health imaging equipment for the athletes’ onsite medical centre.
International Olympic Committee (IOC) president Juan Antonio Samaranch says: “The imaging products Kodak brings to the Games are invaluable in helping operations run smoothly.”
Kodak remains part of the Olympic Programme or “TOP” sponsors, which include Coca-Cola, Visa International and the Sema Group, among others.
The announcement will be a welcome boost for the Olympic movement, which is facing an estimated Aus$200m (&£80m) income shortfall for this summer’s Games, to be held in Sydney. Sources say the shortfall is a result of receiving Aus$120m (&£48m) less in sponsorship revenue and Aus$73m (&£29m) in ticket sales.