Skip to main content

Bridgestone becomes top tier IOC sponsor

By WTOP Staff

JIM ARMSTRONG
AP Sports Writer

TOKYO (AP) — Japanese tire manufacturer Bridgestone signed on as a top-tier global Olympic sponsor Friday in a 10-year deal that will cover the 2020 Tokyo Games and provide further long-term financial security to the IOC.

Bridgestone officials declined to reveal financial terms but the Asahi Shimbun newspaper reported that Bridgestone will pay $344 million to become a worldwide sponsor under the International Olympic Committee’s global commercial program, known as TOP.

The deal runs from the 2016 Olympics in Rio de Janeiro and covers the 2018 Winter Games in Pyeongchang, South Korea, the 2020 Tokyo Games and the 2022 Winter Games and 2024 Summer Games.

IOC President Thomas Bach was in Tokyo to sign the agreement with Bridgestone CEO and chairman Masaaki Tsuya.

“We are delighted to welcome the company to the TOP program and excited for the long term commitment they have shown to the Olympic movement,” Bach said.

The Bridgestone deal marks another success for Bach in ensuring the financial stability of the IOC. Last month, NBC signed a $7.75 billion agreement with the IOC to extend its U.S. broadcast rights deal through 2032.

“We want our partnerships to be a win-win situation” Bach said. “No company would complete such an agreement unless they didn’t see it as a win-win situation.”

IOC contributions from TV and sponsorship revenues for the Tokyo Games should exceed $1 billion, he said. The signing of the Bridgestone contract came three days after Japanese Olympic organizers announced they would review their venue plans for the Tokyo Games because of concerns over rising costs — particularly over the new main stadium.

The TOP program is the highest level of Olympic sponsorship and provides sponsors with exclusive worldwide marketing rights for the Olympics in their designated product category.

Bridgestone becomes the second company — and second from Japan — to sign up through 2024. Panasonic extended its sponsorship through 2024 in February.

The new chairman of the IOC’s marketing commission is Japanese IOC member Tsunekazu Takeda, who is also head of the Japanese Olympic Committee.

A total of 11 global companies, including Coca-Cola and McDonald’s, are current Top sponsors.

Bach said the signing of such agreements does not compromise the integrity of the games.

“Marketing is very much controlled,” he said. “The Olympic Games are the only great event on a worldwide scale which are advertising-free. You don’t see advertising in the stadia or on the athletes. The top sponsors understand that all questions relating to sport and athletes are made by the IOC and not our business partners.”

Bach noted there are 2,233 days to go until the Tokyo Olympics and said the deal with Bridgestone will benefit the games.

“It is very obvious that the support of our co-partners including Bridgestone will be extremely important for the success of the games,” he said.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote