SVL, JOA lock in historic $45-m deal
Supreme Ventures Limited (SVL) has locked in a major deal with the Jamaica Olympic Association (JOA), which pledges support for the association over three years to the tune of $45 million.
The landmark deal will see the JOA receiving $15 million annually with a contractual start date of April 1 of this year.
The cash support will span the member associations that fall under the JOA, namely, track and field, rugby, netball and volleyball, to name a few, and will go to the development of sport for the duration of the contract period.
Chief marketing officer of Supreme Ventures Heather Goldson says the agreement is historic and will augur well for sports, especially during these challenging times.
“Our local sporting sector has been hit hard by the effects of the pandemic, but we are cognisant that even though sports have not resumed fully, there is still a need for the development of the various disciplines so we can be ready when the time comes,” she said.
Goldson said that the funds will go towards a heavy schedule of international meets, chief of which is the Tokyo Summer Olympics scheduled for July of this year.
Secretary general/CEO of the JOA Ryan Foster said the agreement has come just in time.
“This historic deal highlights the strong corporate social responsibility of Supreme Ventures and their willingness to reach our stakeholders such as athletes, coaches and sport administrators,” he said. “This partnership signals a tangible contribution of both organisations to the development of sport in Jamaica and the holistic development of athletes.
“The deal will provide more opportunities for athletes to participate at the games managed by the JOA and the ability to partner with a vibrant and innovative company such as Supreme Ventures to assist in growth of sport,” added Foster.
The agreement will have benefits for both signatories. The JOA will receive monetary support for its member associations as they strive to get back to the business of sport and international competition, while SVL will receive exclusive branding rights at select and agreed major meets within its member associations.