BP commits to USOC deal through 2016
Wednesday, September 21, 2011
COLORADO SPRINGS, Colo. (AP) -- BP has extended its sponsorship of the U.S. Olympic Committee through the 2016 Games, giving the USOC a boost as it tries to keep companies in the fold beyond next year's London Olympics.
Financial details were not released, though the BP deal is in the top tier for the USOC, worth between $12 million and $15 million.
With the BP extension announced Thursday, the USOC has 15 of its 30 sponsors signed through 2016 and beyond, including Kellogg's, Nike and General Electric.
The BP deal comes with some baggage in the wake of the Gulf Coast oil spill that killed 11 workers and has cost billions of dollars. However, the USOC didn't back off the deal despite the potential negative backlash and BP remained committed.