Pringles maker backs US Olympians

The deal comes as the US Olympic authorities look to boost sponsor ranks

Consumer product giant Procter and Gamble (P&G) has signed up as a sponsor with the US Olympic Committee (USOC).

It is a major coup to gain the Pringles maker at a time when the committee is trying to secure more top partners.

P&G's Kirk Perry said it was attracted by the Olympics' appeal for women, teenagers and adults aged 18 to 34, which matched the firm's consumer base.

Officials have not said what the value of the deal is, but partners usually pay a minimum $15m(£9m) for such deals.

Sponsors lost

The USOC has said it is "very significant" that P&G had signed on at the highest sponsor level, as a top tier "partner". Financial details of the deal have not been released.

The USOC recently lost General Motors and retail chain Home Depot as sponsors and is looking to renew deals with Bank of America and communications company AT&T.

It had previously signed smaller deals with Ralph Lauren, Acer, Adecco and Deloitte.

The global economic downturn has seen sports sponsorship deals more difficult to secure in the past 18 months, with the International Olympic Committee (IOC) having only filled nine of its 11 global partnership slots.

Last week the IOC said it would give extra cash to the Vancouver 2010 Winter Games if there was a budget shortfall caused by any less-than-expected sponsorship revenues.

Drug sale

Meanwhile, last month P&G said profit had fall by 18% between April and June, blaming the slump on a continued fall in household spending.

Discretionary products such as Oral-B power toothbrushes, Duracell batteries, Pringles snacks and its fragrances had suffered particularly badly, it said.

And last week P&G announced it was ending its involvement in the production of prescription drugs with the sale of its pharmaceutical business to Irish drugmaker Warner Chilcottfor for $3.1bn (£1.9bn).

Other P&G brands also include Gillette, shampoos Wella, Head n' Shoulders and Pantene, Hugo Boss fragrances, Ariel and Bold washing detergents and Pampers nappies.