The IOC has previously said it will contribute $650m towards covering postponement costs
The postponement of the Tokyo Olympic Games until next year because of the novel coronavirus pandemic will cost Japanese organizers an additional 294bn yen ($2.8bn), the organizing committee said Friday.
Organizers have been assessing the financial impact of the delay since the Japanese government and International Olympic Committee decided in March to postpone the Games until 2021.
Tokyo metropolitan government is expected to pay 120bn yen, the organizing committee 103bn yen and the Japanese government 71bn yen, organizers said.
The IOC has previously said it will contribute $650m towards covering postponement costs.
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This is separate from the costs announced by Japanese organizers Friday.
Tokyo 2020 is also falling back on a contingency fund of 27bn yen detailed in last year’s budget to cover costs.
The last official budget given by the organizing committee in December 2019, months before the Games were postponed, was $12.6bn.
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.