New Balance is poised to replace Asics as the footwear and apparel sponsor of the New York City Marathon.
Asics confirmed in a press release today that it would end its 25-year partnership with the marathon following the 2016 race. Sports Business Journal reported that New Balance would be announced as the next sponsor at a Tuesday event at a Manhattan store. The publication cited sources suggesting that New Balance will pay "far more than Asics, which paid roughly $3 million annually."
A New Balance spokeswoman did not immediately respond to an email from Ad Age.
Marathon organizer New York Road Runners recently restructured its sponsorship portfolio aiming to "create fewer, larger corporate relationships that would activate across all of NYRR's annual events," Sports Business Journal reported, noting that "Asics only had rights to the flagship marathon."
Gene McCarthy, Asics America president and CEO, said in the press release that Asics "has had a tremendous run with the TCS NYC Marathon over the last quarter century, and we will always hold the amazing runners and fans in New York near and dear to our hearts. Though not easy, this was a strategic business decision, as the running and marketing landscape continues to change so dramatically. This was the right time for us to take a strategic look at our overall marketing and engagement plans for the future."