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China's Alibaba becomes major sponsor of Olympics

IOC sources have previously told revealed that major sponsors pay about $100 million per four-year cycle

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Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC) that runs until 2028, the two parties said on Thursday

Alibaba, which becomes the official e-commerce and cloud services partner, joins a dozen other companies - including Coca-Cola and McDonald's - as top Olympic sponsors.

No financial details were disclosed. IOC sources have previously told Reuters that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games.