Permanent TSB has been named as the title sponsor for Ireland's Olympic and Paralympic teams for the Paris 2024 games.
The bank is investing a multimillion-euro sum to secure and promote the teams in the next 2½ years, and said it was the largest sponsorship it has undertaken since it backed the Irish rugby team.
Industry sources said the sponsorship and promotion could be worth in excess of €5 million.
Chief executive of the Olympic Federation of Ireland Peter Sherrard said the support of Team Ireland and the athletes was "hugely significant".
The deal is the first time a title sponsor has partnered with both teams in an Olympic cycle, and also marks the first title sponsor for Paralympics Ireland.
"This partnership places Paralympic and Olympic athletes on the same level and is a significant boost as all Team Ireland athletes work towards Paris 2024," said Miriam Malone, chief executive of Paralympics Ireland.
Permanent TSB has also done individual sponsorship deals with four athletes: boxer Kellie Harrington, badminton player Nhat Nguyen, sprinter Jason Smyth and powerlifter Britney Arendse. The four athletes will act as ambassadors for Permanent TSB.
Community ethos
"We see our community ethos as a key differentiator for Permanent TSB and like us the Olympic and Paralympics are grounded in communities across the country, so this is a perfect partnership," said Eamonn Crowley, chief executive Permanent TSB. "It is also one of the outstanding national sponsorships in the country and it speaks to our ambition to further grow the bank over the coming years."
As part of the deal, Permanent TSB will undertake a major marketing campaign to promote the sponsorship, themed “Raising A Nation”.
“Athletic success depends on the support of families, friends, communities and coaches and our Olympians’ and Paralympians’ achievements inspire and raise the spirits of the entire nation,” Mr Crowley said. “We’re starting a journey now that will take us to Paris 2024 and we look forward to supporting Team Ireland every step of the way.”
