The landmark deal was signed following a private dinner hosted by Suat Kiliç, Turkey's Minister of Youth and Sports, at the Dolmabahçe Palace, overlooking the Bosphorus strait.

The companies are Turkish Satellite provider Digiturk, conglomerates Doğuş Holding, Turkey's largest industrial group Koç Holding, leading industrial and financial conglomerate Sabancı Holding, mobile phone operator Turkcell, Turkish Airlines and food manufacturer Ülker.

"Turkey is one of the most fertile economic environments in Eurasia, and these seven companies typify the innovation, drive and tireless pursuit of excellence that have got us here," said Hasan Arat, leader of Istanbul 2020.

"Our new national sponsors bring with them an enormous amount of expertise and experience across a wide range of sectors and their input will be crucial as the campaign progresses.

"This is the most powerful alliance between the sports community, the business community and every level of Government we have ever had here in Turkey.

"That is why Istanbul 2020 is better placed than ever to deliver an Olympic and Paralympic Games of outstanding technical quality: now we are ready to take on the responsibility of hosting the greatest sporting event on the planet."

Turkish Airlines are among seven companies who are backing Istanbul's bid to host the 2020 Olympics and Paralympics

The announcement is a major boost for Istanbul, who are up against rivals Madrid and Tokyo to bring the Games to Turkey for the first time.

"Istanbul and Turkey have had the dream of hosting the Olympic and Paralympic Games for over 20 years," said Ugur Erdener, President of the National Olympic Committee of Turkey and a member of the International Olympic Committee. 

"Now, for the first time, we have the expertise and the capacity to make our dream a reality. Istanbul hosted 12 major international sports events last year alone, and we proved that we are ready to provide the optimal conditions for all client groups.

"The passion for bringing the Games to Turkey for the first time is enormous - this powerful group of national sponsors will help us harness it."

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