Samsung recently pulled its Diamond League sponsorship.
For IAAF President Lamine Diack, the show must go on.
Specifically, the organizing body of track and field worldwide has just lost its title sponsor, Samsung. The South Korean electronics company had used its name in the title for the IAAF’s 14-meet Diamond League series that is held worldwide.
Diack said that the loss of revenue will not affect the IAAF’s ability to hand out $8 million in award money to competitors.
“While we are working hard to find a new partner for the circuit, it is not a question of life or death either,” he said. “As to how athletics is adapting to the financial crisis, I believe very well,” Diack said. “The number of international corporations being attracted to the sport confirms that reality.”
Diack was referring to the ongoing economic stress felt in Europe where most of track and field’s fan base resides.
The IAAF has other sources of revenue that include guaranteed income from television that doesn’t end until 2018.
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