The postponement of the Olympics will cost organisers a staggering £2.75billion, it has been revealed. The Tokyo 2020 Olympics was postponed following the coronavirus outbreak.
Tokyo 2020 chiefs today spelt out the financial implications of moving the world’s biggest sporting event back by 12 months due to the coronavirus outbreak.
The Tokyo metropolitan government will pay an extra £856million, the Tokyo 2020 organising committee will pick up a tab for £735m and the Japanese government will shell out £507m.
That £2.1bn bills is in addition to the £650m the International Olympic Committee agreed to cover earlier in the year.
The costs of the delay are also on top of a Games budget that had hit a record £9.6bn the last time it was announced in December 2019, three months before the postponement was confirmed.
Tokyo 2020 chief executive Toshiro Muto said: “Tokyo’s costs are Tokyo’s costs. It is revenue that we can secure.”
“Within this revenue, we have additional sponsorship that we have requested from partners and we also have insurance.”
It was also announced earlier this week that refund requests had been made for 18 percent of tickets sold for the Olympics – 810,000 out of a total of 4.45m sales.
