JOA, SVL to spend $75m in five years for Olympics

Supreme Ventures Limited’s (SVL) Executive Chairman, Gary Peart, and Jamaica Olympic Association’s (JOA) president Christopher Samuda are hailing the renewal of their partnership as progress in developing and enhancing the island’s sporting disciplines.

JOA and SVL entered into a new five-year $75 million agreement yesterday at the offices of the JOA, with the investment increasing from $45 million in the old three-year deal.

According to Samuda, the renewal signifies the work that the JOA has been doing in widening its reach to the different sporting disciplines, which has enabled more entries in more sports at the Olympic Games and other world events.

He credits this to the vision of the leaders of the JOA.

“Before the money, the initial investment that SVL made and this renewal of this multimillion-dollar partnership came into being, the thought was conceived in a crucible of sporting values and national pride, which gave birth and continues to give birth to a mutual commitment to developing the human capital of sports, to engendering that human spirit that commands self-knowledge, self-confidence and self-actualisation,” Samuda said.

“In this partnership, we have clinched a deal – a real deal for redevelopment, members, coaches and athletes. The real deal for an Olympic nation on a mission,” he added.

Peart, on the other hand, was impressed with JOA’s management of the initial three-year deal, which, he claims, convinced SVL to continue the partnership. He lauded the record-keeping of the JOA, which he stated kept SVL updated on the expenditure.

The SVL honcho emphasised that the entity’s initial investment enabled the JOA’s goal of more participation from different sporting disciplines.

“Since 2021, when we first signed a partnership agreement with the JOA, we’ve seen some big achievements in sports – our gymnasts earned commendations and medals in international competition, our senior netball team earned Commonwealth and World Championship medals and our track stars continued their global dominance.

“We believe our sponsorship played a part in creating these successes, and so we’re happy to be back on board, once again with the JOA,” Peart said.

Meanwhile, Chief Executive Officer and General Secretary of the JOA, Ryan Foster, believes the renewal of the partnership is a testament to the values that the JOA and SVL place in using sport as a vehicle of change while positioning themselves as thought leaders and building legends in the various sporting disciplines.

According to Foster, the partnership encompasses a wide range of activities.

“Supreme Ventures will be partnering with the JOA in not only assisting with the development of sport through our member associations, but they will also engage the JOA in numerous activations that span not only the Summer and Winter Olympic Games but also the other major games under the JOA umbrella such as the CAC, PanAm and the Commonwealth Games.

“The investment will also be dedicated towards the continuation of member associations’ equipment grant, educational scholarships for our coaches and athletes and our expansive stamina series, which is a multifaceted educational programme geared towards providing meaningful insights and opportunities that are not only relevant but applicable,” Foster said.

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