German sportswear manufacturer Adidas-Salomon signed a deal with the Organizing Committee of the Beijing 2008 Olympic Games (BOCOG) on Monday, becoming an official partner of the 2008 Olympics.
Both sides refused to disclose the amount of the money involved in the deal, but experts said that it could reach 50 million US dollars.
Under the agreement, Adidas will provide sportswear for all the staff, volunteers and technical officials of the 2008 Olympics and Paralympics. The world's number two sporting goods maker after Nike will also outfit the Chinese Olympic teams to compete at the 2006 Winter Olympics in Turin and the 2008 Summer Olympics.
In return, Adidas will retain exclusive marketing rights in the sports goods category during the four-year period from 2004 through 2008.
"In the context of the rapid growth and continuous expansion of the Chinese sports market, we believe the sponsorship from Adidas for the Beijing 2008 Olympic Games will allow for even greater contributions to the Olympic Movement and to China's sports," said BOCOG Vice President Wang Wei at a high-profile signing ceremony.
"What is most important for us, we believe, is that it (the deal) will create a stronger bond with Chinese consumers and will help us accelerate our development in this market," said Sandrine Zerbib, Head of Adidas Greater China.
To date, BOCOG has signed seven partners for the 2008 Games, including Germany's automobile giant Volkswagen, China Mobile, Sinopec and Bank of China.