(Reuters) - Major corporate sponsors of the Tokyo 2020 Olympics are standing by the International Olympic Committee after the Games were postponed and experts familiar with the deals said the companies would not likely seek the return of billions of dollars committed to the agreements. Fourteen global companies including Coca-Cola Co, Procter & Gamble Co and Intel Corp spent $500 million this year and have committed close to $4 billion on multi-year contracts that designate them as top-tier sponsors, according to research firm Global Data. On Tuesday, the Tokyo Games were postponed to 2021, a first in the 124-year modern history of the event, due to the coronavirus pandemic which has prompted governments to shut businesses globally. After the announcement, five major sponsors, Procter & Gamble, Intel, Airbnb, Coca-Cola and Samsung Electronics reaffirmed their commitment to the games. Bridgestone Corp will seek "creative solutions" in a delay, it told Reuters ahead of the announcement.

Source: International New York Times March 25, 2020 06:22 UTC