Tokyo: Japan's Panasonic Holdings said on Tuesday it would end its 37-year contract as a top sponsor for the Olympics following the end of the Paris Games.

The Osaka-based company first became an official partner of the Olympic Games in 1987 and expanded its partnership to the Paralympics from 2014. It has supported the Games with its technologies, product and services, such as the Technics turn-tables at the breaking event in Paris last month.

Toyota Motor, another top sponsor, is also ending its sponsorship of the Olympics this year as its 10-year contract expires.

The International Olympic Committee (IOC) saw revenues of $2.295 billion from its top sponsors for the period 2017-2021, the second biggest source of income for the Olympic movement, with broadcasters paying $4.544 billion over the same period.

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Panasonic said in a statement the decision was made as "the Group continually reviews how sponsorship should evolve with broader management considerations" and after "extensive consultation" with the IOC.

"The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy," IOC president Thomas Bach was quoted as saying in the same statement. "Therefore, this partnership is ending in a respectful and friendly way."

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