Don’t let anyone tell you that the Olympic Games are anything but big business. When you own the stage of the world’s largest sporting event, big sponsors trip over themselves to hand over their money, case-in-point Airbnb.

From Inside the Games

Airbnb has been officially unveiled as a new multi-million-dollar global sponsor of the International Olympic Committee (IOC) by President Thomas Bach at a press conference here today.

insidethegames had revealed last Friday (November 15) that the online marketing site for private accommodation would be formally unveiled in a deal today.

The deal is worth an estimated $500 million (£386 million/€452 million) in cash and value in kind and covers the next five Olympic Games, starting with Tokyo 2020.

It includes the subsequent Winter and Summer games at Beijing 2022, Paris 2024, Milan Cortina 2026 and Los Angeles 2028.

The five cities are among Airbnb’s biggest markets for private accommodation rentals worldwide.

The deal is “designed to create a new standard for hosting that will be a win for host cities, a win for spectators and fans, and a win for athletes”, the San Francisco-based company, founded in 2008, claim.

Airbnb becomes the Worldwide Olympic Partner in the exclusive category of “Unique Accommodation Products and Unique Experiences Services”.

Under a deal signed last year, Airbnb will also become a worldwide partner of the International Paralympic Committee.