Adidas thrashes rivals with $80m bid for Olympics

Adidas has won the Beijing Olympics 2008 sportswear bid following an offer of close to Rmb 660 million (about US$80 million), according to well-placed sources. The brand beat rivals China's Li-Ning and US sports label Nike for the official sponsorship rights awarded by the Olympic Committee.

"The other (brands) will find other parts to play and get PR coverage like sponsoring the national teams. They should still be able to get exposure at the Games," said a source. In the 2004 Olympics, both Li-Ning and Nike sponsored national teams. The sponsorships saw the two brands face off on the basketball court, with Li-Ning backing the Spanish team and Nike sponsoring China's national team. Adidas will supply sportswear for all staff, volunteers and technical officials of the Games and the Paralympic Games. It will also outfit the Chinese Olympic teams. Six other companies are reported to have signed up with the Beijing organisers, including Volkswagen, Bank of China and China Mobile.