Chronicle EditorTOKYO. — Tokyo 2020 organisers unveiled yesterday a budget of $16.8 billion for hosting the next Summer Olympic Games and vowed to seek further savings in co-operation with the International Olympic Committee (IOC) which has been calling for them to cut costs. At an a open meeting of a four-party working group that includes the IOC, organisers said they estimated overall costs of 1.6 to 1.8 trillion yen ($15-$16.8 billion), the first official figures they have released since winning hosting rights. At a previous meeting about three weeks ago, organisers had said costs could run to as much as 2 trillion yen, a level that IOC Vice President John Coates had deemed too high.
“We are pleased with the progress we are continuing to make,” Coates said via video conference yesterday.
He noted the $4.7 billion portion for the organising committee’s budget would all be paid for through sponsorship, IOC contributions and other private funds, at zero cost to the public, meaning they were really looking at a budget of $12.1 billion.
“The four-party political working group will continue to operate and play an important role going forward in the budget process,” Coates said. — Reuters.
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