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With just one month to go for the prestigious Diamond League, the International Association of Athletics Federations (IAAF) is facing a crisis over the sponsorship of its flagship event. In a major blow to the athletics federation, South Korean electronics giant Samsung, which has been patronizing the event since 2010, has refused to renew its $4.5 million deal for the upcoming season.
Samsung’s announcement is indeed a setback for the IAAF as it has been sponsoring the Diamond League since its very inception three years back. Nevertheless, the athletics governing body remains upbeat that they will succeed in finding a suitable commercial partner for its mega event. Until then, the series will be rechristened as the IAAF Diamond League.
One of the reasons which spurred the electronics giant into making the decision is believed to have been the greater projection which the sponsors of each of the individual meets enjoy. However, Samsung isn’t totally abandoning the world of athletics. It recently announced an endorsement deal with Jamaican sprint king Usain Bolt, and a global advertising campaign involving Thunderbolt is supposed to be launched very soon. Besides, Samsung will continue its involvement with the Olympic Games and the Asian Games.
The annual track and field series began in 2010 when it replaced the IAAF Golden League. The league was started with the intention of enhancing the worldwide appeal for athletics. And so far, it has managed to do so as the series attracts some of the world’s most recognized athletes.
The series consists of 14 meetings held in 11 countries spanning across three continents. Each meet guarantees a prize money of $480,000 and points for the top three athletes. The points are doubled in the final meeting of the league which is generally held in Zurich or Brussels. The athlete who accumulates the highest number of points in each discipline at the end of the season is eligible to win ‘The Diamond Race’ where he is awarded a diamond trophy and a lucrative bonus of $40,000.
The 2013 season gets underway in Doha on May 10.
