The Wall Street Journal reports that the USTA (US Tennis Association) is complaining that Olympus Corporation wants out of their sponsorship contract for 2011. USTA is suing Olympus for $11.65 million.
An Olympus official said the USTA allegations are without merit. “Olympus will defend itself vigorously,” said VP Corporate Communications Elizabeth Sullivan.
USTA and Olympus signed a deal in 2007 to extend their partnership through 2013, with an option for the camera maker to opt out of the last two years of the contract.
“I’m getting out,” said Olympus. “You’re allowing Panasonic to share the limelight with me.”
“No, you cannot,”replied the USTA,. “You’re just trying to cut costs.”
And so it’s on to the courts – and the lawyers!
[Via: WSJ Online]