This is actually insanely common in the Olympics, though Samsung is taking it to a bit of an extreme.
It's actually a huge issue for athletes in less prestige sports because they can't wear their sponsor's logos, which means they can't cash in on being in the Olympics. I remember in the last summer Olympics this was an issue, because runners couldn't even tweet or share that they were sponsored by, say, Adidas, because Nike had a stranglehold on the Olympics.
It's fine for a Lindsey Vonn to be sponsored by, I think, UnderArmor, because they can cash in on her fame long after the Olympics have passed...but if you're not super famous and your ten minutes of fleeting sports glory fall during the Olympics and your sponsor isn't Nike...oh well.
This is all true but you don't exactly get what this story is about.
Samsung wants Olympics participants to conceal the Apple logo on their personal iPhones/iPads while taking personal pictures and videos during the opening ceremonies, events, etc.
Apple is not a competing sponsor logo as you describe it, it is just a product brand of mobile phone lots of athletes personally use and own. Samsung doesn't want the iconic Apple logo on the back of the iPhone or iPad to be seen on the television broadcast so they are attempting to distort reality.
I'm sure that they hope that all athletes would use a Samsung provided phone. It makes perfect business sense.
True, but what a bummer to be forced into using a sub-par camera to capture one's Olympic memories when there are pros leaving their DSLRs behind for the iPhone 5S.