(ATR) Continued meetings from the Tokyo 2020 four-party working group saw a new budget of $16.8 billion for the 2020 Olympics.
The working group consists of representatives from the office of Tokyo Metropolitan Governor Yuriko Koike, IOC officials, the Tokyo 2020 Organizing Committee and members of the Japanese national government. The group first met in October to address reports from an independent panel commissioned from Koike, which warned of potential rising costs for the Games.
International media reports from Tokyo showed the working group projected the $16.8 billion figure. This is the second budget projection from the working group after the IOC rejected a $20 billion figure earlier this month.
Since taking office in July, Koike has worked to reduce potential rising costs for the Games. Koike originally recommended moving canoeing/rowing, swimming, and volleyball into existing venues around Tokyo and Japan. Reviews of potential venues favored sticking to the original bid plan, but seats were removed from the swimming venue to cut costs.
"We are pleased with the progress we are continuing to make," John Coates, IOC vice president, said in a video conference to media in Tokyo. "The four-party political working group will continue to operate and play an important role going forward in the budget process."
Coates said the working group will continue to investigate ways to reduce the cost for the Games future. The $16.8 billion figure from the working group includes the $4.7 billion Tokyo 2020 Organizing Committee budget. The OCOG budget is paid for through sponsorship, ticket sales, and a contribution from the IOC.
Koike said after the meeting that contingency budgets were being prepared to safeguard against rising costs of the Games. The TMG will set aside at least $1 million to as much as $2.8 billion for contingencies. There is also a $3.8 billion service budget for transportation, security, and other associated Olympic costs not included in the bid. Coates told reporters after the meeting that he believed the contingencies were high and most likely would not all be required.
"I appreciate we have reached a very significant milestone," Koike said after the meeting. "We are still keen to see further savings."
Written by Aaron Bauer
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