The International Gymnastics Federation (FIG), the governing body for world gymnastics, has renewed its long-term sponsorship with Russian bank VTB.
The association between the two organisations began in 2009 and will now extend through 2020.
VTB sits amongst the top tier of the FIG’s sponsorship portfolio, joining entertainment company Cirque du Soleil, watchmaker Longines and IT equipment and services company Fujitsu.
VTB’s activation of the sponsorship includes the ‘VTB prize for accuracy’. This year, the $5,000 (€4,600) prizes will be awarded to the gymnasts who perform the most accurate exercise in both men’s and women’s competitions at the Aerobic Gymanastics World Championships in Azerbaijan, which take place from May 14 to 16.
The extension to the agreement was finalised earlier this week at the meeting of the FIG executive committee in Dakar, Senegal. The deal will provide financial support for gymnastics disciplines and development funds for each of the five continental unions of the sport, the federation said.
The FIG is the oldest established international federation of an Olympic sport, with the sport present at the games since their revival in 1896 in Athens.