China's Alibaba becomes major sponsor of Olympics

The Chinese e-commerce giant signed a deal to join Coca-Cola, McDonald's and 10 other companies as top Olympic sponsors.
Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC).
Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC). PHOTO: AFP

DAVOS, Switzerland (Reuters) - Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC) that runs until 2028, the two parties said on Thursday.

Alibaba, which becomes the official e-commerce and cloud services partner, joins a dozen other companies - including Coca-Cola and McDonald's - as top Olympic sponsors.

No financial details were disclosed.

IOC sources have previously told Reuters that major sponsors pay about US$100 million (S$142.71 million) per four-year cycle, which includes one Summer and one Winter Games.