(ATR) The official cost of postponing the Tokyo 2020 Olympics is $2.8 billion.
The additional costs total about $2.8 billion. (Tokyo 2020)
The organizing committee revealed the numbers as well as how the costs would be shared following a three-party meeting with representatives of the Tokyo Metropolitan Government (TMG) and the government of Japan on Friday.
Tokyo 2020 will be responsible for approximately $989 million in additional costs tied directly to running the Games. The TMG and Japanese government will pay a share of the operating costs as well as sharing the entire expense of coronavirus countermeasures needed to stage the Games.
TMG will be responsible for a total of $1.15 billion, with $768 million going to the operating costs and $384 million to paying for countermeasures.
The Japanese government is on the hook for an additional $682 million, divided into $144 million for operating costs and $538 million for covering the remainder of the tab for the countermeasures.
The final allocation figures could still change with the TMG paying more, according to a statement from Tokyo 2020 president Yoshiro Mori, Tokyo governor Yuriko Koike and Seiko Hashimoto, minister in charge of the Tokyo Olympic and Paralympic Games.
“In the event Tokyo 2020 is not able to cover any of the costs allocated to it by means of revenue growth, the Tokyo Metropolitan Government will bear those costs.”
The $2.8 billion price tag was widely reported earlier this week by Japanese media.
The IOC has said it will pitch in about $650 million to help cover the cost of the postponement.
Before the delay was announced, the official cost of putting on the Games was supposed to be $12.6 billion.
The so-called simplification of the Games, in which organizers and the IOC agreed in October to cut spending in 52 areas, is supposed to save $280 million.
Written by Gerard Farek
For general comments or questions, click here.
Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.