(ATR) Korea’s number one airline will fly the Olympic rings.
Korean Air wins the airline sponsorship category for the 2018 Olympic Winter Games in Pyeongchang. The announcement of the latest top-tier national sponsor came as the IOC Coordination Commission holds its latest meeting to review work towards the first Winter Games in South Korea.
POCOG president and CEO Yang Ho Cho spoke in a room at the Lakai Sandpine Resort in Gangneung filled with Co-comm and IOC members, PyeongChang 2018 and Korean Air staff, members of government and national media.
"We are happy to have Korean Air as our partner and I am confident that this sponsorship agreement will stimulate other Korean companies to join as sponsors for the PyeongChang 2018 Olympic and and Paralympic Winter Games," Cho said.
"With today’s agreement, Korean Air will provide optimum air travel services for Games-related personnel including participating athletes and coaches, technical staff and judges, and members of the Olympic family.
"I hope this sponsorship can boost can Korean Air to a higher level among the international traveling public as a leading global airline."
With Cho and IOC Coordination Chair Gunilla Lindberg looking on, POCOG secretary general Jin Kwak Young and Korean Air president & COO Chang Hoon Chi officially signed the contract.
" I am delighted that Korean Air has committed its’ support to the Olympic Winter Games Pyeongchang 2018," Lindberg said addressing the audience following Cho. "I encourage the other Korean businesses who want to get behind the Games.
"Together we can fulfill the dreams of a generation of young athletes and make the entire Korean nation proud of their achievements."
IOC marketing executive Timo Lumme and IOC marketing commission chair Tsunekazu Takeda were also at the announcement. IOC member Takeda is also president of the Japanese Olympic Committee.
The selection of Korean Air is not surprising given its dominance as the flag carrier of the nation. And the chairman of the conglomerate that owns the airline also happens to be Yang Ho Cho. Cho has said that since he became POCOG president last July, he has had nothing to do with negotiations for the sponsorship, underway for more than a year. Cho led the bid for 2018, of which KoreanAir was a sponsor.
According to PyeongChang 2018 director of communications Muchol Shin, Cho was not directly involved in the negotiations of the new partnership, leaving the task to the organizing committee’s director of sponsorship, Chanwang Eom.
Korean Air is the third official partner for the Games. Announced last year were KT Corporation, the top Korean telecommunications company and apparel manufacturer Youngone, which has the North Face brand.
Organizers have been under pressure from the IOC to sign sponsors more rapidly with the Games under three years away. Still open is what is often the traditional first category sold by an organizing committee – – banking.
The amount of the sponsorship was not revealed. According to figuresfrom Pyeongchang 2018, more than $885 million or 1 trillion won are expected to be raised from the national market. This includes three tiers of sponsorship as well as ticket sales and licensed products.
"POCOG will continue to make the utmost preparations for a successful Olympic and Paralympic Games experience for all in 2018, and also make sure that all partners can utilize their rights to the fullest in terms of marketing and business opportunities, so that we can have a win-win relationship," Cho said.
As a national sponsor Korean Air will have the right to use the Pyeongchang 2018 logo which includes the Olympic rings, technically only within the borders of the country. However expect aircraft livery to extend the branding as Korean Air planes fly around the world. TV advertising is an important part of the company’s marketing globally but the national limits of the sponsorship will probably prevent much association with the Olympics outside Korea in those ads.
Korean Air, established in 1969, is one of the world’s top 20 airlines, carrying more than 23 million passengers in 2014. The air carrier operates more than 430 flights per day to 126 cities in 45 countries.
Immediately following Wednesday morning’s announcement, the 4th IOC Coordination Commission opened its plenary session with Lindberg and Cho delivering opening remarks ahead of a busy schedule at the Lakai Sandpine Resort in Gangneung.
Written by Brian Pinelli and Ed Hula.
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