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Olympics committee to reject Tokyo 2020 $20 bn budget

Olympics committee to reject Tokyo 2020 $20 bn budget

Olympic Games

The International Olympic Committee (IOC) said on Friday (December 2) it’s not ready to accept Tokyo’s budget of $20 billion for the 2020 Games, a cost limit Tokyo 2020 organizers vowed to keep after Tuesday’s (November 29) four-party working group session.

“As the IOC, we confirmed that we are not in the position yet to accept a budget of 20 billion dollars. This was a ceiling budget. This was a consolidated budget,” IOC Vice President John Coates told journalists during a news conference following a two-day closed door working session with Tokyo 2020 organizers.

A budget review by Tokyo governor Yuriko Koike, who took office in July, said costs could surge to more than 3 trillion yen ($26.36 billion), over four times initial estimates made when Tokyo won hosting rights.

Tokyo organisers said this week they would draw up a final budget by the end of the year.

Games organisers have run into a series of broken promises and problems in their preparations, including scrapping the original design for the centrepiece National Stadium as well as the first logo after allegations that it was plagiarised.

Work finally began on the stadium this week, more than a year behind schedule.