Sony Terminating FIFA Sponsorship Deal

Sony will not renew its sponsorship contract with worldwide soccer governing body FIFA, as the technology behemoth seeks to instead spend its money on a number of reforms.

Sony was a marquee FIFA sponsor, backing more than 40 tournaments, including multiple World Cups. The Telegraph reports that Sony had been a FIFA sponsor since 2006, in a contract worth £222 million ($348.7 million).

Sony's sponsorship deal with FIFA ends December 31. A report from Nikkei said Sony considered renewing its deal with FIFA, but ultimately decided not to over concerns that sponsorship costs might rise. Sony's decision to walk away from FIFA comes as the company is seeking to complete "structural reforms" during this fiscal year, Nikkei said.

Just last week, Sony laid out part of this vision, saying that it will cut back on its TV and mobile phone business units and instead place more focus on PlayStation

Sony's decision to terminate its FIFA sponsorship contract also comes as the 2022 World Cup in Qatar has been faced with bribery allegations. Longstanding FIFA sponsor Adidas said it was concerned about these claims, while another major backer, Coca-Cola, said anything that detracts from the mission and ideals of the World Cup is a "concern" for the company.