South Korean electronics company walks away from the IAAF.
For three years, the primary sponsor of the premier track and field leagues, Samsung, has given approximately $4.5 million to the IAAF as part of a sponsorship deal for the Diamond League Series.
According to a report posted on the Telegraph’s Web site, however, Samsung has decided to discontinue the support this year.
This leaves the IAAF scrambling for a new title sponsor.
That being said, the IAAF insists that the series will go on without Samsung. Apparently the IAAF has enough cash in reserve to continue on its own for now.
Until a sponsor is found, the series will be called the “IAAF Diamond League.”
A weakened global economy was said to be the reason for Samsung’s decision. An IAAF spokesman said the company has opted to “cut back on its exposure-driven activities.”
Still, the company continues to back sprinter Usain Bolt as well as the British Chelsea Football Club.
For More: Telegraph