• Saturday, Jan 16, 2021
  • Last Update : 01:59 am

Olympics delay cost Tokyo $2.8bn

  • Published at 08:20 pm December 4th, 2020
Olympics

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.

World 100m champion Christian Coleman will miss next year’s Tokyo Olympics after being banned for two years for breaching whereabouts rules, the Athletics Integrity Unit said Tuesday.

Posted by Sports Tribune on Wednesday, 28 October 2020

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.


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