HomeFinanceTokyo Olympic Games Postponement To 2021 Will Cost $2.5 Billion

Tokyo Olympic Games Postponement To 2021 Will Cost $2.5 Billion

Tokyo Olympic Games Postponement To 2021 Will Cost $2.5 Billion

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eports from the Yomiuri newspaper in Japan have suggested the postponement of the Tokyo 2020 Olympic and Paralympic Games to 2021 will cost the organisers approximately $2.5 billion.

The organising committee is set to decide on a breakdown of the burden of added costs in December, with discussions between the organisers, the Tokyo metropolitan government and the central Japan government.

The original estimated costs were $3.9 billion, but the report suggested the organising committee and the International Olympic Committee (IOC) made efforts to reduce costs and maximise cost savings with increased efficiencies for the delivery of the Games.

In response to the report, Tokyo 2020 organisers did not confirm the estimated costs of the postponement but did not challenge the validity of the report.

“We are in the process of assessing the additional costs associated with the postponement of the Games due to COVID-19 and therefore are not able to comment on any details at this time,” the Tokyo 2020 organisers said.

This report comes as the IOC announced president, Thomas Bach, will be re-elected for his second term after being first elected as IOC president in September 2013.

His second term is now due to finish in 2025, with the IOC confirming he was the only official to submit candidacy by the November 30 deadline, meaning he will officially be appointed for his second and final term in March 2021.

Bach is the ninth IOC president, and originally joined the IOC in 1991 after becoming a founding member of the IOC Athlete Commission following his Olympic career in fencing.

In a statement, Bach said: “I am honoured and humbled by the fact that there are no other candidates.”

“I will continue to serve the Olympic Movement to the best of my abilities and will try to be a president for all the IOC members and the entire Olympic Movement,” he said.

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