"Yoo Seung-min (Chairman) and to Lim O-gyeong (Rep.) and officials of the National Assembly and Ministry of Culture, Sports and Tourism, thank you"... Korean Olympic Committee expresses welcome for laying the groundwork to activate sports marketing in support of national athletes

*This content was translated by AI.

The Korean Olympic Committee (President Yoo Seung-min) welcomed the passage of legislation to establish a foundation for activating sports marketing.

On the 7th, the Korean Olympic Committee stated, "We express our welcome for the passage of the partial amendment to the National Sports Promotion Act, which includes institutional measures to activate sports marketing, in the plenary session of the National Assembly."

According to the Korean Olympic Committee, the revised bill allows the Korean Olympic Committee to purchase goods and services linked to intellectual property rights through direct contracts when necessary for preparations to participate in international sporting events, in consultation with the Minister of Culture, Sports and Tourism.

Until now, the Korean Olympic Committee has procured various goods and services, including competition uniforms, training support items, and athlete team operation services, in the process of supporting the participation and training of national athlete teams in international comprehensive games.

The Korean Olympic Committee explained, "Due to the lack of clear legal grounds reflecting the unique operational structure of international sports, which centers on official sponsors and intellectual property rights, institutional uncertainty has persisted in the contract and budget execution process."

It further added, "Through this legislative amendment, the legal grounds and procedures for procuring rights-linked goods and services necessary in the support process for national athlete teams will become clearer. The Korean Olympic Committee expects to be able to build a sports marketing system consistent with the international sports environment and to stably operate the support system for improving the performance of national athletes."

"Yoo Seung-min (Chairman) expressed gratitude to Lim O-gyeong (Rep.), who sponsored the bill, as well as to officials of the National Assembly and the Ministry of Culture, Sports and Tourism who agreed on the need for institutional improvement during the bill review process," and stated, "We plan to actively cooperate in the preparation of the Enforcement Decree and related regulations in the future."

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*This content was translated by AI.