JOA, SVL inks $75 million five-year deal with push to broaden involvement

By February 02, 2024

Jamaica Olympic Association (JOA) president Christopher Samuda says the value of their renewed partnership with Supreme Ventures Limited (SVL) goes beyond money, as his organization advocates and understands that greater currency is derived from social investment in the human capital and infrastructure of sport, athletes, coaches and administrators.

This, as the extended five-year partnership valued at $75 million represents a significant boost towards the country’s preparations for international competitions, including the Olympic Games in Paris, later this year.

“This five-year cash investment at a value of $75 million will fulfill that purpose and serve to build out the Olympic infrastructure in a substantive way, while facilitating talent in transitioning to the greatest stage, the Olympic stage, where aspirations in sport will be realized, as we at the JOA, engender in stakeholders, responsible citizenship in sport,” Samuda told SportsMax.TV shortly after the signing at the JOA’s headquarters on Friday.

Samuda stated that reshaping the JOA to broaden involvement is the paradigm of the current executive, as he pointed to the SVL’s increased investment, from its previous $45 million agreement over three years, as a testament of their belief in, and by extension, commitment to the movement. Besides athletics, numerous other sporting disciplines will be hunting qualification to the Paris Games.

“The renewal of this multi-million partnership between the Jamaica Olympic Association and Supreme Ventures Limited at a significant increased value, demonstrates corporate confidence in the Jamaica Olympic Association, and SVL’s unwavering commitment to the Olympic movement and indeed sport. But its value goes beyond money,” Samuda shared.

“The activations which will be carried out under this partnership will demonstrate innovation in the delivery of sports, specific skills in areas including education, coaching, business and commerce, governance and management, science and technology, as well as branding and marketing. All this while giving strategic support to events, all with the objective of blueprinting the creation of a local sport industry which is an imperative of economic development,” he added.

Meanwhile, SVL’s Executive Chairman, Gary Peart, said the decision to renew their sponsorship was made as a commitment to Jamaica’s athletes. He also credited the JOA for their efforts and transparency throughout their partnership.

“They sold us on a vision, they updated along the way in terms of what the results have been, and it’s been an exceptional journey. We took the decision 18 months ago that we’d renew, it was just a matter of how the renewal would be," Peart said.

"We sponsor several initiatives in our business on an annual basis and JOA ranks in the top one or two in terms of what the whole process is, the returns, etc. Ultimately, this money helps not just the Olympic movement but athletes and their ability to shine on the international stage, and hopefully get gold when they participate. We at SVL, we’re just happy to assist with that,” he noted.

Peart also announced that SVL will be giving Jamaicans the opportunity to attend the games in France through various promotions to be announced in the coming weeks.

Sherdon Cowan

Sherdon Cowan is a five-time award-winning journalist with 10 years' experience covering sports.

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