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Deal reached on Tokyo 2020 Olympics costs
An agreement on how the US$12.9 billion cost of hosting the 2020 Tokyo Olympics has been reached between the Organising Committee of the Tokyo 2020 Olympic and Paralympic Games and relevant authorities.
The deal will see costs split between the Tokyo Metropolitan Government (TMG), the Japanese Government, as well as with the local governments of the seven prefectures and four other cities hosting events.
The TMG and the organising committee will pay US$5.6 billion each, while The Japanese Government will contribute US$1.4 billion and the prefectures and cities will contribute the remainder.
The seven prefectures hosting events are Hokkaido, Miyagi, Fukushima, Saitama, Chiba, Kanagawa and Shizuoka. The four other cities are Sapporo, Saitama, Chiba and Yokohama.
All the parties additionally agreed to set up a ‘Management Committee for Collaborative Projects’, which aims to further reduce costs, while optimising resources.
The committee will regularly review the specific tasks related to Games preparation and operation according to the status of each venue and ensure that these tasks are progressed and managed properly.
Image: Artist's impression of how Tokyo's Olympic Stadium will look when rebuilt.
29th April 2017 - TOKYO 2020 AND RUGBY WORLD CUP 2019 ORGANISERS JOIN FORCES
5th April 2017 - TOKYO OLYMPICS GOLF COURSE AGREES TO AMEND MEMBERSHIP POLICY
26th October 2016 - REVIEW GROUP ‘SATISFIED’ WITH JAPAN’S RUGBY WORLD CUP 2019 PREPARATIONS
2nd October 2016 - TOKYO OLYMPIC STADIUM BUILDING CONTRACT FINALLY APPROVED
3rd September 2016 - JAPANESE OLYMPIC COMMITTEE CLEARS ITSELF OF TOKYO OLYMPIC BID BRIBERY ALLEGATIONS
4th August 2016 - NEW SPORTS CONFIRMED FOR THE 2020 TOKYO OLYMPIC GAMES
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