The organisers of the Olympic Games have signed a record sponsorship deal with Coca-Cola and China Mengniu Dairy worth a combined US$3 billion ($4.5b), in one of the biggest ever corporate endorsements in sport.

On Monday, the US drinks maker and Chinese milk and yoghurts group announced they would jointly sponsor the event between 2021 and 2032, covering six summer and winter games.

The deal helps secure the financial future of the world's biggest sporting event into the next decade, and represents a show of co-operation between big US and Chinese companies following trade tensions between the two superpowers.