Toyota to extend endorsement contracts on U.S. Olympic, Paralympic athletes

More than a dozen U.S. Olympic and Paralympic athletes received reassurance this week when Toyota North America announced it would extend their endorsement contracts through the rescheduled Tokyo Games in 2021.

The auto company and major Olympic sponsor has 17 U.S. athletes under contract. They include swimmer David Boudia, gymnast Laurie Hernandez, Paralympian Oksana Masters and sprinter Michael Norman.

The status of endorsement contracts is a major concern to athletes because most signed deals were set to expire after this year's scheduled Olympics.

The Olympics have been rescheduled for 2021, and that has forced corporations to reset and rethink the structure of their deals.

Visa is another major sponsor and has also told its global roster of nearly 100 Olympic and Paralympic hopefuls that it will extend sponsorships through 2021.