The PyeongChang 2018 Winter Olympics bid has signed a corporate sponsorship deal with South Korean business conglomerate Hanhwa Group.
The sponsorship agreement is worth 400 million South Korean wons (approximately $350,000) for the nine months leading up to the International Olympic Committee announcement of the host city in July 6 next year.
“PyeongChang’s bid to host the 2018 Winter Olympic and Paralympic Games will not only boost sport around the region but will have a positive impact on the Korean economy and other countries throughout Asia,” said Hanhwa Group executive vice president Il-Hyung Chang.
“Following this new partnership with Hanhwa Group, we will look to make further announcements on new sponsors in due course,” added PyeongChang 2018 chairman and CEO Yang Ho Cho. “This is another sign of the strong support we have for the bid and our campaign.”
