(ATR) The new budget for the Tokyo 2020 Olympics could put the total costs for the Games at $17.7 billion dollars (2 trillion yen).
Reports from Japanese news outlet Kyodo say a newly formed budget could be released as soon as Nov. 29. The report cites sources close to the situation, although the Tokyo 2020 organizing committee would not officially comment on the figure.
The $17.7 billion figure represents the combined Tokyo 2020 organizing committee and Tokyo Metropolitan Government budgets for the Games. The revised figure represents one-third of the estimated budget given by an independent panel in October. The panel was commissioned by newly-elected Tokyo Governor Yuriko Koike. Since her election in July, Koike has been adamant about working to curtail costs for the 2020 Games.
A newly-revised comprehensive budget has been in the works since before the Rio 2016 Olympics, Tokyo 2020 chief executive Toshiro Muto told Around the Rings in September.
The independent panel said that the 2020 combined budgets could soar to $30 billion if the potential for rising costs were not addressed. The panel suggested moving three venues -aquatics, canoeing/rowing, and volleyball - to existing venues in or outside of Tokyo or reviewing construction costs. Sporting officials were caught off guard by the announcement, and the IOC quickly vowed to work to cut costs.
A four-team working group consisting of the TMG, Tokyo 2020, Japanese National Government, and the IOC has been working to address the budget. The group first met on Nov. 1-3. Japanese media reports say the group could convene again on Nov. 29 on the eve of the third IOC Tokyo 2020 Coordination Commission meeting. The new combined budget is expected to be released in conjunction with the CoComm meeting according to the Japanese reports.
"With respect to the reduction of the overall costs, we are working towards the meeting [of the working group] at the end of the month," Tokyo 2020 said in a statement to Japanese media. "As we have said all long, we hope to have the first version of the budget and the overall costs ready by the end of the year."
The privately-funded Tokyo 2020 organizing committee budget has not changed despite organizers working to cut costs. The budget consists of a contribution from the IOC, sponsorships, and ticket sales. The organizing committee budget remains at $6.51 billion (734 billion yen). The non-organizing committee budget reflects works needed to be done by the TMG to build Games’ stadiums and upgrade Tokyo infrastructure to host the Games.
Written by Aaron Bauer
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