Pyeongchang 2018 have signed a sponsorship agreement with South Korean food company Noodle Lovers ©Pyeongchang 2018

Pyeongchang 2018 have signed a sponsorship agreement with a South Korean food company at a ceremony in Seoul today.

Noodle Lovers, established in 1993, have been attributed to the “packaged pasta/noodles and noodle sauce" category and become an official supporter of next year's Winter Olympics and Paralympics.

The company will provide financial support to Pyeongchang 2018 to assist with their preparations for the Games.

They will also have marketing rights for the event.

"We greatly appreciate the support of Noodle Lovers for Pyeongchang 2018," said Kin Kihong, vice-president of planning for Pyeongchang 2018.

"The level of support from local companies is really wonderful as it shows the passion and excitement for our country hosting this global event on our shores next year.” 

Pyeongchang 2018 claim the Noodle Lovers' mission fits in well with their Games vision of "New Horizons".

The deal was signed at a ceremony in Seoul today ©Pyeongchang 2018
The deal was signed at a ceremony in Seoul today ©Pyeongchang 2018

The company say they are attempting to "to create a healthy and convenient rich noodle culture and lifestyle across all its key markets".

They have become the latest South Korean entity to join the domestic sponsorship scheme for the Games, scheduled to run from February 9 to 25.

However, organisers have yet to agree a deal with a South Korean bank.

Pyeongchang 2018 President Lee Hee-beom said following the recent visit of the International Olympic Committee Coordination Commission that they were hoping to receive more support from sponsors and from the Korean National Assembly.

The budget for the event was one of the main topics on the agenda.

Pyeongchang 2018 have stressed they are targeting a "balanced budget" despite a lingering deficit of ₩300 billion (£215 million/$262 million/€247 million).

Reducing this burden has been cited as one key priority for organisers with 11 months to go until the Opening Ceremony of the Olympic Games.

The budget announced by Pyeongchang 2018 last year had increased by ₩600 billion (£386 million/$518 million/€468 million) from the original projection of ₩2.2 trillion (£1.4 billion/$1.9 billion/€1.7 million).