POSTED: October 6th 2010

PyeongChang 2018: GS Group becomes latest Korean giant to back the bid

GS Sport President & CEO, Chong Soo Chung (left) presenting the contribution to the PyeongChang 2018 Bid Committee / PyeongChang 2018
GS Sport President & CEO, Chong Soo Chung (left) presenting the contribution to the PyeongChang 2018 Bid Committee / PyeongChang 2018

LAURA WALDEN / Sports Features Communications

TAMPA/PYEONGCHANG, Oct 5: The PyeongChang bid is benefiting from steadily increasing financial support from the private sector for the campaign to host the 2018 winter Olympic and Paralympic Games.

Following the recent commitment made by Hanhwa Group for 400 million KRW (approximately $350,000) the GS Group has stepped up with a commitment of KRW 500 million (approximately $445,000). Within the last two weeks the bid has added more than $750,000 to its campaign budget.

GS Group owns the FC Seoul football team and the GS Caltex Seoul women’s volleyball team. GS comprises GS Holdings and subsidiaries and affiliates including GS Caltex, GS Retail, GS Home Shopping, GS EPS, GS Global, GS Sports and GS E&C among others. It is the seventh-largest privately-owned company in Korea.

Chong Soo Chung, president and ceo of GS Sport, said: “We are excited to be involved with the PyeongChang bid as the race to host the 2018 Olympic and Paralympic Winter Games gathers momentum.

“We look forward to working with the business community in Korea and fellow sponsors of PyeongChang 2018 to provide full support for the bid in the coming months.”

Yang Ho Cho, ceo of the bid and the national airlines Korean Air, said: “I would like to thank the GS Group, on behalf of the PyeongChang 2018 Bid Committee, for giving their support to our bid. The GS Group are a global business leader and they will provide excellent support to the bid over the course of the campaign.


“This is another sign that the business community in Korea is fully committed to the PyeongChang 2018 bid and I am excited to work with the new sponsors to promote the campaign in the lead up to the IOC decision in July next year.”

PyeongChang is bidding against Munich and Annecy in the campaign to host the winter Games. The decision falls in Durban, South Africa, next July 6 at the IOC Session.

Keywords · PyeongChang 2018 · Yang Ho Cho · GS Group · Chong Soo Chung · Olympic bidding · GS Holdings

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