Russian bank VTB will not extend its sponsorship deal with the IAAF
Thursday 12 November 2015 11:37, UK
Russian bank VTB has announced it will not extend its sponsorship deal with the International Association of Athletics Federation (IAAF).
However, the company has insisted the decision is not connected with the doping scandal which has rocked athletics this week.
An independent commission set up by the World Anti-Doping Association recommended earlier this week that Russia's athletics federation be banned from the sport following allegations of widespread corruption and collusion by Russian officials, which include covering up positive drug tests.
VTB, the second-largest bank in Russia, has a deal with the IAAF which expires at the end of 2015 and will not be renewing the contract.
"VTB has expressed no interest to extend its present contract, the last event of which was the IAAF World Championships in Beijing. The contract will come to a natural end in 2015," read an IAAF statement.
VTB first deputy president Vasily Titov told the RIA Novosti news agency: "We did not plan to renew it. This has nothing to do with the doping scandal in any way."
