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GS Group deal fills PyeongChang 2018’s coffers

The PyeongChang Organising Committee for the 2018 Olympic and Paralympic winter Games (POCOG) has today (Friday) agreed a partnership with GS Group through which the South Korean conglomerate has made a donation to aid its preparations for the event.

Financial terms of the deal were not disclosed, but POCOG said the funds will be used for PyeongChang 2018 operations which include Games preparations and administration. The statement announcing the partnership made no reference to commercial rights commonly assigned under a sponsorship agreement.

Headquartered in Seoul, GS Group comprises GS Holdings, along with subsidiaries and affiliates including GS Caltex, GS Retail, GS Shop, GS EPS, GS Global, GS Sports and GS E&C.

POCOG president Lee Hee-beom said: “We deeply appreciate GS Group’s decision to support the Games and help us deliver an event that the whole nation can be proud of. We are confident that PyeongChang 2018 preparations will be improved and draw more public attention through the support of GS Group.”

GS Group chief executive Jung Taik-Keun added: “I hope PyeongChang 2018 can be an opportunity to show Republic of Korea’s strength by hosting a successful Games, which will be a significant national event as well as a global festival.”