Seoul, South Korea – International Olympic Committee (IOC) President Jacques Rogge visited Seoul, South Korea on Wednesday to affix his signature to the PyeongChang 2018 Olympic Games marketing plan agreement (MPA).
This agreement forms a key part of the strategic and financial relationship between the organizing committee (POCOG), the Korean Olympic Committee (KOC) and the IOC moving forward from today until 2020 and ensures the Games’ financial viability.
Under the agreement, the KOC will receive $10 million (USD) annually from the POCOG in return for exclusive marketing rights in South Korea for the term. POCOG expects to generate about 1.1 trillion won (over $1 billion) from domestic sponsorship sales, licensing and ticketing and the IOC will control international rights.
At a ceremony prior to signing the agreement, Rogge said “[this] marks the moment the local organizers truly take ownership of their promotional and financial destiny.”
“You are about to embark on an exciting and rewarding journey.
“Thankfully, you are well-placed well in Korea, which enjoys an advanced economy, driven by some of the world’s leading companies including long-time global partner of the Olympic Movement – Samsung.”
POCOG President Jin-Sun Kim said “It’s an exceptional opportunity for us in PyeongChang to have President Rogge present for this MPA signing ceremony.”
“It adds momentum to our Games preparations and marketing activity.”
A signed MPA means that now PyeongChang can sign up sponsors for the Games and Kim implored domestic businesses and industry to participate in this effort.
Rogge will be reviewing progress in PyeongChang Thursday and will return to Seoul on Friday.
