Tokyo 2020 Olympics: Unsuccessful attempts to limit funding
If you read the post about the Rugby World Cup, the Tokyo 2020 Olympics is another popular event which is familiar with most Asian people that you should know.
According to the report of the Japanese Government Audit Committee, the expense of organizing the Tokyo 2020 Olympics may be up to USD 25 billion, four times as much as originally estimated.
The AP disclosed a survey from the Auditing Board of the Government of Japan that the expense of the 2020 Olympics could exceed $25 billion. Around a month after revealing the $12 billion figure, Tokyo Governor Yuriko Koike said the city needed an extra $7.2 billion for other direct and indirect programs, including free housing. For Paralympic athletes, mentors and tourist marketing initiatives.
The attempts of the IOC to minimize operational expenses are attributed to two not so positive causes. First, there are more and more cities that are not interested in organizing athletic events. Oslo (Norway), for example, abandoned the race to host the Winter Olympics in 2022. Second, once the games are finished, the Olympic constructions are inefficiently used.
In the wake of Western media worries, the Tokyo 2020 Olympic Organizing Committee claims that it will hold a savings meeting. Event CEO Toshiro Muto emphasized that the Olympic Organizing Committee had saved $4.3 billion but also made plans to further cut back.
Since a variety of changes, the gross budget of the Olympics is $12.6 billion
In which EUR 5.6 billion came from the Event Committee budget. IOC is investing $1.7 billion, including cash and associated resources. Muto revealed that the money saved comes from lowering building costs and shortening the organisation of events.
Muto shared the testing of planning tournaments that were explicitly organized, in particular swimming. The water sports complex, where swimming and diving took place, was postponed for 2 months, but the organizers made a promise to complete it before the July 2020 edition.