Tokyo 2020 plans to save $280m with streamlining measures
Tokyo, Oct 7 (efe-epa).- Organizers of the Tokyo 2020 Olympic Games said Wednesday they expect to save around $280 million with a series of measures to simplify the event.
Officials presented a total of 52 cost-cutting actions to the International Olympic Committee in a virtual meeting on Thursday.
The initiative aims to reduce the economic impact of delaying the sporting event until the summer of 2021 due to the coronavirus pandemic.
Toshiro Muto, Tokyo 2020 CEO, said at a virtual press conference after presenting the measures to the IOC: “We believe that these efforts will help create a model for future games, within the new normality in which we live.”
The list of cuts, which have already been approved by the IOC, will affect 52 sectors, including a reduction in the number of participating delegations and a reduction or elimination of various institutional events, which in principle will not affect the athletes or sports events.
All of these measures will reduce expenses by around $280 million, which is about two percent of the $12.57 billion budget already approved for the games.
This budget does not include any expenses from the delay of the event, a cost that has not yet been specified by the organizers.
Several estimates place the additional expenditure at close to $3 billion, not including the price of measures guarding against Covid-19.
“The next step, taking into account this simplification, will be to determine the total cost of the delay. We are now in the process of estimating it,” Muto said.
The organizing committee believes there is still room for further savings and will continue with its simplification efforts, which will be reflected in the final version of the budget, due to be presented by the end of the year, he added.
