USOC lands key sponsor in Procter and Gamble

Procter & Gamble pg will become an official sponsor of the U.S. Olympic teams for the Vancouver 2010 Winter Olympics and the 2012 Summer Games in London, the company and the U.S. Olympic Committee said Tuesday.

The key deal comes during a period when the USOC is trying to shore up its partners for the upcoming games.

Financial details have not been released, though deals with companies of this size are usually worth at least $15 million.

"Our partnership with the USOC furthers our commitment and long tradition of helping people achieve their personal best each and every day," Kirk Perry, vice president for North America at P&G, said in a joint statement. "We are proud to support America's athletes and engage consumers with integrated programs through this sponsorship that will drive our business and our customers' business."

The USOC recently lost General Motors and Home Depothd as sponsors and is trying to renew deals with Bank of Americabac and AT&T t.

"Our partners provide us with the resources, both monetarily and with in-kind products, to support the U.S. Olympic Team and, in turn, they have the benefit of partnering with the most positively viewed sports property in the United States and the sports brand with the strongest overall appeal," said Stephanie Streeter, acting CEO for the USOC.

"The USOC looks forward to working with P&G to engage Americans across the country and create excitement for Team USA and the upcoming Olympic Games."

The federation had previously signed smaller deals with Ralph Lauren, Acer, Adecco and Deloitte.