Japanese advertising and public relations giants Dentsu Inc have renewed their longstanding commercial partnership with the International Association of Athletics Federations (IAAF) until the end of 2029.
The agreement, claimed to constitute a new milestone in the ongoing partnership between the IAAF and Dentsu, will see the company continue to act as worldwide commercial partner at a range of major events including the biennial World Championships, due to take place next in Beijing from August 22 to 30, 2015.
The rights include all marketing and licensing rights worldwide and all media rights worldwide outside of Europe and Africa.
It is hoped this will bring continued financial stability to the IAAF allowing it to move ahead with its development and promotion of athletics globally, while at the same time providing a long term platform for Dentsu to continue its successful commercialisation of leading sporting events.
"The extension of the present agreement with Dentsu, which already ran until 2019, for a further 10 years to 2029 provides an extraordinary guarantee of financial security for the IAAF and its member federations," said IAAF President Lamine Diack.
"As I prepare to step down as President in 2015, I am proud to leave a secure legacy to my successor which insures that athletics is ready to meet the worldwide challenges of a fast changing sport and leisure culture.
"Thanks to the beneficial expertise of Dentsu, our longest serving commercial partner, the fortunes of athletics, the Olympics' number one sport, are not only secure but will continue to prosper for decades to come."
The support will involve the nine events which make up the IAAF World Athletics Series, including the World Championships, World Indoor Championships, World Relays, as well as global events in road and cross-country running and race walking, and World Championship events at youth and junior level.
It is also a further sign of Dentsu's enthusiasm to embrace the sports world, following them being announced as the marketing agency for Tokyo 2020 earlier this year.
"The extension of this relationship now is testimony to the mutual trust and highest appreciation that the IAAF and Dentsu share," said Tadashi Ishii, Dentsu's President and chief executive.
"Dentsu is proud to have such a close and deep association with one of the world's largest and most significant sports bodies.
"This supports the IAAF's tireless efforts to grow and develop athletics around the world, while it strengthens Dentsu's global sports marketing capabilities and service excellence for the benefit of its corporate and sports federation clients."
Contact the writer of this story at [email protected]
May 2014: Worldwide TV and live streaming for first-ever IAAF World Relays in Nassau
April 2014: Tokyo 2020 announce Dentsu as marketing agency