The Korea Federation of Banks is set to buy ₩1 billion (£654,000/$879,000/€746,000) worth of tickets for the Pyeongchang 2018 Winter Olympic Games to show support amid dismal sales figures so far.
It was revealed earlier this month that only 22.7 per cent of tickets available for next year's Winter Olympics had been purchased so far, with less than five months to go until the Opening Ceremony.
This figure is thought to mark the lowest in recent Winter Olympic history at this stage of preparations.
The Federation believes purchasing tickets is one way they can aid organisers in the lead up to the Games.
“Buying tickets was considered one of the ways to support the Olympic Games, considering the recent slow ticket sales,” Federation official Shon Kyung-ae told Reuters.
“We have decided to buy ₩1 billion worth of tickets.”
The Federation also announced it would donate a further ₩20 billion (£13 million/$17.5 million/€14.9 million) to Pyeongchang 2018 organisers to help the running of the Games.
“As part of our social responsibility efforts, the Federation has decided to support the Games, which will be an opportunity to improve the country’s global image,” a statement added.
Fears had been raised about the level of promotion done by Pyeongchang 2018 for the Games but organisers have been able to count on support from South Korean President Moon Jae-in.
Moon posted a photo of himself on Facebook buying tickets earlier this month, shortly after the second round of online ticket sales began.
It was claimed that President Moon bought tickets to watch a figure skating event at the Olympics.
As of September 6, only 4.85 per cent of tickets had been sold in South Korea, even though it was forecast that the host nation will account for 70 per cent of the overall total.
The remainder sold so far have been bought by Authorised Ticket Resellers for international purchase - so are not necessarily yet in the hands of clients planning to attend the Games.
A total of 1.18 million tickets are available for the Olympics.
It is hoped that 90 per cent of this total, so 1.07 million, will be sold beforehand.
Only 52,000 had been sold in South Korea so far, of which 62 per cent were supposedly purchased in the Seoul Metropolitan Area and around 83 per cent by people aged between 20 and 40.