Sports

2020 Games delay to cost $2.8 bn: Japanese organisers

2020 Games delay to cost $2.8 bn: Japanese organisers
Bystanders watch as giant Olympic rings are reinstalled at the waterfront area at Odaiba Marine Park, after they were temporarily taken down for maintenance in Dec 1.
TOKYO, DEC 4 (AGENCIES) | Publish Date: 12/4/2020 12:37:17 PM IST

The postponement of the Tokyo Olympic Games until next year because of the novel coronavirus pandemic will cost Japanese organisers an additional 294 billion yen ($2.8 billion), the organising committee said on Friday.

Organisers have been assessing the financial impact of the delay since the Japanese government and International Olympic Committee (IOC) decided in March to postpone the Games until 2021.

Tokyo metropolitan government is expected to pay 120 billion yen, the organising committee 103 billion yen and the Japanese government 71 billion yen, organisers said.

The IOC has previously said it will contribute $650 million towards covering postponement costs. This is separate from the costs announced by Japanese organisers on Friday.

“Tokyo’s costs are Tokyo’s costs,” Tokyo 2020 CEO Toshiro Muto said.

 “Tokyo 2020’s (allocation) is revenue that we can secure,” he added.

“Within this revenue we have additional sponsorship that we have requested from partners and we also have insurance.”

Tokyo 2020 is also falling back on a contingency fund of 27 billion yen detailed in last year’s budget to cover costs.

The last official budget given by the organising committee in December 2019, months before the Games were postponed, was $12.6 billion.

Tokyo 2020 President Yoshiro Mori added that the IOC had agreed to waive any additional royalties accrued by new sponsorship deals secured by the organising committee.

“I had a video conference last night with IOC President Bach,” said Mori, who was wearing a red and white mask with the words ‘One Team’ on the side, the slogan of the successful Japanese rugby team during last year’s World Cup.

“President Bach expressed his strong determination that the IOC and us should work as one team and cooperate to ensure the success of the Games.”

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

Desk:+91-3862-248 489, e-mail: npdesk@gmail.com Fax: +91-3862-248 500
Advt.:+91-3862-248 267, e-mail:npostadvt@gmail.com

QUICK LINKS

SUNDAY POST

Join us on

© Nagaland Post 2018. All Rights are Reserved
Designed by : 4C Plus