The Lotte Group, which has a portfolio of more than 60 business organisations, has become the latest major sponsor of the city's bid to host the 2018 Olympic and Paralympic Winter Games.

The cheque was handed over by the group's vice president, Jyung-Byung Chae, at the bid committee's headquarters in Seoul.

Jyung-Byung Chae said: "I am excited to work with the Pyeongchang 2018 Bid Committee and look forward to contributing to PyeongChang's campaign to host the first Olympic Winter Games in Korea in 2018."

Yang Ho Cho, chairman and chief executive officer of the Pyeongchang 2018 Bid Committee, said: "The Lotte Group is one of the largest organisations in Asia and I would like to thank it for its generous support.

"The PyeongChang 2018 Bid Committee was excited to present its vision to the Olympic Family at the 39th European Olympic Committee (EOC) General Assembly in Belgrade last Friday (November 26) and demonstrate the potential for growth within the Asian Winter sports market."


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