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International family restaurant chain McDonald's has ended its 41 year partnership with the International Olympics Committee (IOC).

The fast food chain said it was "reconsidering all aspects of its International Olympics Committee business" as part of a plan to re-invigorate its business.

The IOC said it understood "that McDonald's is looking to focus on different business priorities", adding "for these reasons, we have mutually agreed with McDonald's to part ways,"

As an Olympic ‘Top Partner’, McDonald’s paid a reported $100 million for each two-game deal covering the summer and winter Olympic Games up to and including 2020.

While the deal, which was to have run until 2020, will end immediately, it will continue to be a sponsor of the Olympic Winter Games PyeongChang 2018.

McDonald's had extended its sponsorship agreement with the Olympics in 2012 for a further eight years.

McDonald's first sponsored the Olympics in 1976 and became an initial The Olympic Program (TOP) partner, with exclusive global marketing rights, in specific categories in 1985.

The IOC’ statement added “the financial terms of the separation was agreed by all parties, details of which are confidential."

A number of companies have ended partnerships with the Olympics recently, including AB InBev's Budweiser, the hotels group Hilton and US telecoms giant AT&T.

McDonald's has been restructuring its business to arrest a decline in sales with new Chief Executive Steve Easterbrook saying when he was appointed in 2015 that he would "not shy away from the urgent need to reset this business".

Commenting on the decision to part ways with the IOC, Silvia Lagnado, Global Chief Marketing Officer at McDonald's, stated “as part of our global growth plan, we are reconsidering all aspects of our business and have made this decision in cooperation with the IOC to focus on different priorities."

The IOC said it has no immediate plans to appoint a direct replacement in the "retail food operations sponsorship category" which will be reviewed. 

Images: A controversial McDonald's advertisement for the 2010 Winter Olympics (top) and the McDonald's uses the Olympic rings in its promotions (below).

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