On Wednesday, Intel CEO Brian Krzanich and International Olympic Committee President Thomas Bach announced that the technology marketer will sponsor the next four Olympic Games. Intel joins brands like Coca-Cola and Visa as a "TOP," which is an IOC acronym for "The Olympic Partners" program.
"For us, it made great sense and was a great symbiotic relationship to bring these two teams together," Krzanich said in a live webcast.
This announcement comes on the heels of the IOC and McDonald's mutually ending their 41-year partnership, even though the contract was set to expire in 2020. Budweiser, Hilton, AT&T and Citi have also suspended their Olympic sponsorships in recent years.
Bach called the new relationship the "perfect match" as both companies cite "building a better world" in their corporate visions. He added that Intel will help the IOC attract a younger generation through technologies like virtual reality, 5G wireless connection and artificial intelligence.
Intel's famous drones will also become an integral part of the Olympics as a fireworks replacement and measurement of athletes' performance. When Campaign US talked to Intel CMO Steve Fund in April, he said the brand has only hit "the starting point for drones" and hinted that "sporting properties" were calling on Intel to "do amazing things with drones."
As of this morning, one of those sporting properties has been identified as the IOC, and Bach could not hide his enthusiasm during the announcement.
"You couldn't see me happier than I am this morning," he said.