The economic crisis is affecting all corners of our society, generating a global economical recession, forcing companies to reduce staff and cut down costs.

Even big entities like the IOC (International Olympics Committee) are experiencing the side effects of the crisis. Many marketing sponsorship contracts are not been renewed and companies with running contracts are revising their plans.

Companies like Kodak, Manulife (insurance company) and Lenovo (computer company) have failed to renew their Marketing Contracts and others like Johnson & Johnson simply terminated their Marketing Contracts.

All these events have forced the IOC to rethink its sponsorship strategy, which is now seeking for a global sponsorship deal with an automotive company, another sector that is not doing very well.

So far, the IOC contacted some of the top automotive companies, one of them was Hyundai, but the Korean auto maker have turned down the offer preferring its long-standing FIFA partnership which lasts beyond the 2014 World Cup in Brazil.

The London Organising Committee of the Olympics Games (Locog) is also revising its marketing plans and expects that some categories will be downgraded to lower tiers.

The good news for the Locog is that the IOC has to compensate national committees for any deals affected by a global sponsor.