The World Taekwondo Federation has agreed to move the 2020 recognition fees for some of the body’s sponsors to 2021 in an attempt to ease financial pressures on its partners.
This means firms such as Adidas, Daedo, JC, KPNP, Mooto, Taekwon Family, Taekwonsoft, Tusah, and Woori Sports who supply uniforms (dobok), mats and point-scoring systems (PSS) for all World Taekwondo promoted events, will not pay the annual fees usually required as part of its partnership.
World Taekwondo President Chungwon Choue stated: “All of us at World Taekwondo are deeply touched that our recognised companies took this opportunity to thank the organisation. They are our partners and flexibility and collaboration are critical to successful partnerships. WT is, itself, facing a budget crisis as a result of the pandemic, but we are determined to keep our great recognised companies on side by easing their financial burden as much as possible.”
Additionally the partners, whose representatives gathered with World Taekwondo’s president on Friday, were also told that their 2021 fees have also been waived to ensure that the federation’s sponsors do not pay twice in the same year.
Similarly to other Olympic bodies, World Taekwondo is hoping to schedule events for its athletes as preparations begin for the rescheduled Tokyo 2020 Olympics, which will not take place next year.
Choue added: “It is still early to say when we, and the rest of the Olympic Movement, will exit this crisis.
“But we are working to make sure we have the plans in place so that when we do, we bounce back with all stakeholders – including recognised companies – and deliver world-class taekwondo that we have all been missing in recent months.”
Insider Insight: World Taekwondo’s decision to waive its fees for 2021 and push back 2020 payments will undoubtedly hit the federation financially. However, it has also strengthened the relationship between the federation and its partners, which could prove to be crucial in the long-term post coronavirus.