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Agence France-Presse

Tokyo 2020 organisers on Friday unveiled a “significant” cut in their budget for hosting the games, as the city comes under pressure to keep a lid on spiralling costs.
The overall games budget now stands at a total of 1.35 trillion yen (US$12.6 billion), organisers said in a statement.
This represented a cut of US$1.4 billion compared to the previous version of the budget unveiled last December and US$0.3 billion compared to an interim figure agreed in May.
“Going forward, Tokyo 2020 will continue to seek further cost reductions, particularly in the areas of event operations, transport, accommodation and security,” organisers said in a statement.
They hailed a “significant reduction in costs” resulting from “sustained efforts … to avoid recourse to public funds”.

The Tokyo 2020 organising committee will cover US$5.6 billion of the costs, with the Tokyo city authorities and the Japanese government stumping up US$7.0 billion between them.
The US$5.6 billion organising committee budget is covered by ticket sales, licensing and sponsorship and the statement hailed an increase of US$0.9 billion in sponsorship revenue.
However, Tokyo 2020 admitted it still needed to find US$0.2 billion in “expected additional revenue” to balance the books and vowed it would “continue to look at ways” to secure the extra funding.
Tokyo organisers are under pressure to keep costs down, with the International Olympic Committee worried ballooning price tags for hosting the games will deter cities from bidding for the showcase event.
The roll-out of the centrepiece Olympic Stadium turned into a fiasco when prime minister Shinzo Abe tore up the blueprints amid public anger over its price tag.


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Tokyo 2020 Olympic Games

Billion-dollar budget cut for Tokyo 2020 Olympics as city clamps down on spiralling costs

Japan’s new National Stadium will host the opening and closing ceremonies of the 2020 Summer Olympics. Photo: Kyodo

Officials from the Tokyo 2020 Games and Tokyo Municipal government attend a press conference on the updated version of the Games budget in Tokyo Friday, Dec. 22, 2017. The latest price tag for the 2020 Tokyo Olympics has been trimmed slightly, but is still nearly twice the initial estimate even after a major cost-cutting effort. The organizers said Friday that the event will cost a total 1.35 trillion yen ($11.9 billion). (AP Photo/Eugene Hoshiko)

The big Winter Olympics freeze is back: trouble ahead with Pyeongchang ‘just too cold for outsiders’

Choi Jong-sik, 64, stands in front of his restaurant in Pyeongchang, South Korea. After two straight balmy Olympics where some might have wondered if it was even winter, let alone the world’s pre-eminent freeze-dependent sporting event, athletes and visitors alike will finally experience a no-joke chill in their bones in Pyeongchang. Photo: AP

In this Dec. 12, 2017, photo, foreign tourists wear thick hooded jackets and scarves to protect themselves from the cold temperatures at Yongpyong Resort in Pyeongchang, South Korea. After two straight balmy Olympics where some might have wondered if it was even winter, let alone the world’s pre-eminent freeze-dependent sporting event, athletes and visitors alike will finally experience a no-joke chill in their bones. Vancouver and Sochi got complaints for being too warm, as might Beijing in 2022, but the weather in Pyeongchang will likely dazzle spectators, and confound organizers and athletes, in its bitterness. (AP Photo/Ahn Young-joon)

In this Dec. 12, 2017, photo, owner Choi Jong-sik, 64, speaks during an interview at his restaurant in Pyeongchang, South Korea. After two straight balmy Olympics where some might have wondered if it was even winter, let alone the world’s pre-eminent freeze-dependent sporting event, athletes and visitors alike will finally experience a no-joke chill in their bones in Pyeongchang. “We all hope it will be better in February, but if it’s like it is now, there will be big trouble. It’s just too cold for outsiders,” says Choi smirking in his short-sleeve shirt as a visiting reporter removes layer after layer of thick outerwear for an interview at Choi’s Pyeongchang restaurant.(AP Photo/Ahn Young-joon)

In this Dec. 12, 2017, photo, a villager wearing a thick jacket to protect herself from the cold temperatures walks on the street in Pyeongchang, South Korea. After two straight balmy Olympics where some might have wondered if it was even winter, let alone the world’s pre-eminent freeze-dependent sporting event, athletes and visitors alike will finally experience a no-joke chill in their bones in Pyeongchang. (AP Photo/Ahn Young-joon)

In this Dec. 12, 2017, photo, Pyeongchang Olympic Stadium is seen in Pyeongchang, South Korea. After two straight balmy Olympics where some might have wondered if it was even winter, let alone the world’s pre-eminent freeze-dependent sporting event, athletes and visitors alike will finally experience a no-joke chill in their bones. Vancouver and Sochi got complaints for being too warm, as might Beijing in 2022, but the weather in Pyeongchang will likely dazzle spectators, and confound organizers and athletes, in its bitterness.(AP Photo/Ahn Young-joon)

In this Dec. 12, 2017, photo, a thermometer shows the current outdoor temperature reaching minus 17 degrees Celsius (1.4 degrees Fahrenheit) in the morning at Yongpyong Resort in Pyeongchang, South Korea. After two straight balmy Olympics where some might have wondered if it was even winter, let alone the world’s pre-eminent freeze-dependent sporting event, athletes and visitors alike will finally experience a no-joke chill in their bones. Vancouver and Sochi got complaints for being too warm, as might Beijing in 2022, but the weather in Pyeongchang will likely dazzle spectators, and confound organizers and athletes, in its bitterness.(AP Photo/Ahn Young-joon)

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Organisers to continue cutting cost of Summer Games as they seek extra funding to balance the books


Billion-dollar budget cut for Tokyo 2020 Olympics as city clamps down on spiralling costs

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Organisers to continue cutting cost of Summer Games as they seek extra funding to balance the books

Organisers to continue cutting cost of Summer Games as they seek extra funding to balance the books