The US-based company had a contract running to 2020, but decided to end the long-standing Olympic sponsorship three years early.

Athletes from Chinese Taipei eat complimentary food from a special McDonalds pop-up tent for athletes, media and officials at the 2016 Rio Olympics.
Athletes from Chinese Taipei eat complimentary food from a special McDonalds pop-up tent for athletes, media and officials at the 2016 Rio Olympics.

McDonald's and the International Olympic Committee have agreed to end the company's long-standing Olympic sponsorship three years early, the IOC said on Friday.

The US company, one of the IOC's top sponsors, had a contract running to 2020 and the Tokyo summer Games.

"As part of our global growth plan, we are reconsidering all aspects of our business and have made this decision in cooperation with the IOC to focus on different priorities," said McDonald's Global Chief Marketing Officer Silvia Lagnado.

The financial terms of the separation was agreed by all parties, details of which are confidential.

The IOC said it had no immediate plans to appoint a direct replacement in the food category.

McDonald's will end its partnership with immediate effect, but an agreement was made for it to sponsor the Olympic Winter Games PyeongChang 2018 with domestic marketing rights in South Korea only.

The fast food franchise will deliver all its Olympic operations, including restaurants in the Olympic Park and the Olympic Village.

Click here to read the full statement.

Source: Reuters