The International Gymnastics Federation (FIG) has renewed its partnership with Russian bank VTB, with the company providing increased financial rewards for individual success in the sport.
As part of the agreement, the bank will continue its “VTB prize for accuracy” in which athletes will be awarded with $5000 for excellent performances in tournaments.
This year the bank will offer the award to gymnasts performing at the Aerobic Gymnastics World Championships in Baku, Azerbaijan, in May. The winner of the prize will receive the money for performing the most accurate exercise, both in women’s and men’s individual competitions.
FIG President Morinari Watanabe stated: “VTB has been an official partner of Gymnastics since 2009 and I am delighted that we can rely on their valuable financial support for the development of our sports year after year.”
VTB first sponsored the federation over a decade ago in 2009, with the new deal announced to last until the end of the current year.
The agreement also sees the bank offer financial support for all gymnastic disciplines, whilst helping to fund development strategies for FIG’s five continental unions.
Given the bank’s commitment, the company once again be highlighted as one of FIG’s top tier sponsors, and will be given the same benefits as Fujitsu, Cirque du Soleil and watchmakers Longines.
The FIG is highly recognised as one of the oldest federations in the ‘Olympic sport’ bracket having founded in 1881 and being present in every modern day Olympic event.
The bank’s decision to extend its contract comes as HSBC terminated its contract with British Cycling due to a change in the company’s marketing strategy going forward.
Insider Insight: The deal marks the beginning of a significant couple of months for international sporting organisations as they will garner more sponsorships, likely due to the increased interest in sport due to the 2020 Tokyo Olympics.