SYDNEY. Aug 7: International Business Machines Corp has decided to end its 40-year sponsorship of the Olympics after the Sydney 2000 Games, a company executive said today, reports Reuters.

IBM decided not to renew its long association because it could not agree on financial terms with the International Olympic Committee (IOC). Eli Primrose-Smith, vice-president of IBM's worldwide Olympic and sports sponsorship, told Reuters in a telephone call from New York.

"It is with a great deal of sadness and regret that we make this announcement." Primrose-Smith said in response to questions posed to IBM's Australia office.

Neither IBM nor Olympic of-hoials would specify how much a It, had cost the US technology giant to sponsor the Games.

IBM is one of the IOC's longest and most loyal partners. The company began its sponsorship at the 1960 Winter Games at Squaw Valley in the United States and is one of Just 11 worldwide partners.

It provides millions of dollars worth of technology and equipment in return for the right to use the five Olympic rings — one of the world’s most recognizable logos — in its marketing.

But IBM was criticised by the world's media after it failed to deliver prompt and accurate resists at the 1996 Atlanta Games.