By Stephen Wade & Yuri Kageyama

TOKYO (AP)–Olympic sponsor Panasonic is terminating its contract with the IOC at the end of the year, the company said in a statement Tuesday.

Panasonic is one of 15 companies that are so-called TOP sponsors for the International Olympic Committee. It’s not known the value of the Panasonic sponsorship, but sponsors contribute more than $2 billion in a four-year cycle to the IOC.

In a statement, Panasonic said it became an IOC sponsor in 1987 and expanded to the Paralympics in 2014. It did not make clear why it was changing course and said only that is was related to continual “reviews how sponsorship should evolve.”

Two other Japanese companies are also among the IOC’s 15 leading sponsors. Toyota, which for several months has been reportedly ready to end its contract, was contacted Tuesday by The Associated Press but offered no new information.

“Toyota has been supporting the Olympic and Paralympic movements since 2015 and continues to do so,” Toyota said in a statement. “No announcement to suggest otherwise has been made by Toyota.”

Japanese sponsors seem to have turned away from the Olympics, likely related to the one-year delay in holding the 2020 Tokyo Olympics. The COVID-19 delay reduced sponsors’ visibility with no fans allowed to attend competition venues, ran up the costs, and unearthed myriad corruption scandals around the Games.

Tiremaker Bridgestone told AP “nothing has been decided.”

Toyota had a contact valued at $835 million — reported to be the IOC’s largest when it was announced in 2015. It included four Olympics beginning with the Pyeongchang 2018 Winter Games in South Korea and ran through the just-completed Paris Olympics and Paralympics.

Reports in Japan suggest Toyota may keep its Paralympic Olympic sponsorship.

The IOC TOP sponsors are: ABInBev, Airbnb, Alibaba, Allianz, Atos, Bridgestone, Coca-Cola, Deloitte, Intel, Omega, Panasonic, P&G, Samsung, Toyoto, and Visa.

In a report several months ago by the Japanese news agency Kyodo, unnamed sources said Toyota was unhappy with how the IOC uses sponsorship money. It said the money was “not used effectively to support athletes and promote sports.”

Japan was once a major font of revenue, but increasingly the IOC has sought out sponsors from China, with increasing interest from the Middle East and India.

“We would love to welcome a first new TOP sponsor from India and I am sure that this is going to happen very, very soon,” the IOC’s marketing director, Anne-Sophie Voumard, said last month at the Paris Olympics.

“It’s a very, very dynamic program,” Voumard said on Aug. 7 of the TOP slate, adding “partners come and go depending on their business strategy.”

Japan officially spent $13 billion on the Tokyo Olympics, at least half of which was public money. A government audit suggested the real cost was twice that. The IOC contribution was about $1.8 billion.

The Tokyo Games were mired in corruption scandals linked to local sponsorships and the awarding of contracts. Dentsu Inc, the huge Japanese marketing and public relations company, was the marketing arm of the Tokyo Olympics and raised a record-$3.3 billion in local sponsorship money. This is separate from TOP sponsors.

French prosecutors also looked into alleged vote-buying in the IOC’s decision in 2013 to pick Tokyo as the host for the 2020 Summer Games.

The IOC had income of $7.6 billion in the last four-year cycle ending with the Tokyo Games. Figures have not been released yet for the cycle ending with the Paris Olympics.

The IOC’s TOP sponsors paid over $2 billion in that period. The figure is expected to reach $3 billion in the next cycle.

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