Procter & Gamble in London 2012 Olympics sponsor deal

US medal winner Michael Johnson helped mark two years before the London 2012 Olympics

Consumer products giant Procter & Gamble has signed up as a global Olympics sponsor.

The deal with the International Olympics Committee (IOC) makes Procter & Gamble the 11th global sponsor of the London 2012 Olympics.

It joins other 2012 sponsor companies, such as Coca-Cola and McDonalds.

It is the second multi-million-dollar marketing deal this month for the IOC, after Dow Chemical signed as a global sponsor two weeks ago.

Global sponsors have exclusive Olympic worldwide marketing rights.

The value of the contracts are not typically released, but are thought to sell for $100m (£64.5m) for four years' worth of rights.

Procter & Gamble, whose brands include Ariel washing powder, Pampers nappies, Gillette shavers and Pringles crisps, signed a 10-year agreement with the International Olympics Committee (IOC).

The IOC said this year it had secured close to $900m in sponsorship revenue for the current four-year cycle, and was hoping to break the $1bn mark.

Other global sponsors for the London Games so far are Acer, Atos Origin, GE, Omega, Panasonic, Samsung and Visa.

Sponsoring the London 2012 Olympics is not always a multi-million-pound commitment.

Small and medium-sized firms have also been to support the Team 2012 fund, which is looking to raise £25m.

A total of 750 firms are being sought in the hope they will pay up to £10,000 a year each to take part in the two-year programme.

There have been question marks over the financial benefits of sponsorships for companies, particularly debated in the wake of the recent World Cup.

But Procter & Gamble believes the rewards are measurable.

It is already a sponsor of the US Olympic team, a deal which it says has increased the company's image, helped to boost market share and generated nearly $100m in sales.