. . World News – AU – Tokyo Olympics postponed due to coronavirus pandemic costing Japan $ 2. 8 billion


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The postponement of the Tokyo Olympics from 2020 to 2021 due to the novel coronavirus pandemic will cost Japanese a whopping $ 2. 8 billion, the organizing committee said on Friday.

The Summer Olympics were scheduled to take place in Tokyo in July this year, but had to be pushed back for the first time in its 124-year modern history due to the Covid-19 crisis that severely affected the sports calendar this year.

The government of the metropolis Tokyo is expected to pay 120 billion yen, the organizing committee 103 billion yen and the Japanese government 71 billion yen.

The IOC previously announced that it would contribute $ 650 million to cover the costs of the move. This is regardless of the cost that the Japanese organizers announced on Friday.

« Within that revenue, we have additional sponsorship that we have requested from partners, and we also have insurance, » said Toshiro Muto, Tokyo 2020 CEO.

Tokyo 2020 also draws on an emergency fund of 27 billion yen listed in last year’s budget to cover costs.

The last official budget the Organizing Committee made available in December 2019, months before the games were postponed, was $ 12. 6 billion.

Tokyo 2020 President Yoshiro Mori added that the IOC has agreed to waive additional royalties resulting from new sponsorship deals made by the organizing committee.

« I had a video conference with IOC President Bach last night, » said Mori, who wore a red and white mask with the words « One Team » on the side, the slogan of the successful Japanese rugby team from last year’s World Cup.

“President Bach expressed his firm determination that the IOC and we should work and work together as a team to ensure the success of the Games. ”

Summer Olympics 2020, Summer Olympics, Tokyo

World news – AU – Tokyo Olympics postponed due to coronavirus pandemic costing Japan $ 2. 8 billion
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Ref: https://www.indiatoday.in


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