McDonald's renews Olympic deal

McDonald's is to back the Olympics for a further four years, casting aside doubts about the event’s image following a corruption scandal last year.

The fast-food company has signed a global sponsorship deal for the sports event through to 2004. The arrangement, which is thought to be worth around £33 million, means McDonald's keeps its position as exclusive Olympic restaurant and food sponsor through the 2002 Winter Games in Salt Lake City in the US, and the 2004 Summer Games in Athens, Greece.

Other global brands to have renewed their relationship with the Olympics include Coca-Cola Co, Visa International, SEMA Group, Sports Illustrated/Time Inc, John Hancock Financial Services and Kodak. The International Olympic Committee is expected to announce other sponsorship deals soon.