COVID-19 Delayed Tokyo 2020 Olympics Sponsors To Extend Contracts: Organisers | Other Sports News

COVID-19 Delayed Tokyo 2020 Olympics Sponsors To Extend Contracts: Organisers | Other Sports News

December 24, 2020 Off By admin

Organisers for the virus-postponed Tokyo 2020 Olympics stated on Thursday they’ve reached a “basic agreement” with all home sponsors to increase their contracts by a 12 months, securing much-needed extra funds. Keeping all 68 home sponsors on board for one more 12 months is all of the extra vital for organisers because the price of the Games balloons, due to the unprecedented delay and the necessity for coronavirus countermeasures. In an announcement, Tokyo 2020 stated the “basic agreement” meant they had been now “proceeding with the conclusion of contracts with all partners.” But organisers declined to be drawn on simply when the ultimate particulars could be ironed out, nor give particulars on how a lot particular person contract extensions had been price.

Overall, they stated the extensions had been anticipated to usher in one other 22 billion yen.

Domestic sponsors are stumping up extra money on the Tokyo Summer Games than any earlier Olympics, and there have been sporadic stories of misgivings amongst corporations on extending their contracts.

Tokyo 2020 President Yoshiro Mori stated sponsors had “spoken about the difficult situation that each of them are facing in the midst of the Covid-19 pandemic and the unprecedented economic crisis.”

“At the same time, we received powerful messages from all partner companies… (saying) we definitely want you to hold the Games and we will support Tokyo 2020 as much as possible,” he advised reporters.

While organisers insist that the Games can open as now scheduled, on July 23, 2021, rising new infections at dwelling and overseas and the gradual roll-out of vaccines have some unconvinced that the occasion can or ought to proceed.

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Domestic help for holding the Games subsequent 12 months is proscribed, with a ballot launched this month by nationwide broadcaster NHK discovering a majority again both additional postponement or an outright cancellation.

Organisers stated this week the Games will now price no less than 1.64 trillion yen, virtually $three billion greater than their revised funds produced final 12 months.

That may make Tokyo 2020 the most costly Summer Games in historical past, and a few analysis suggests the true prices will probably be even increased.


Tokyo 2020 CEO Toshiro Muto defended the value tag earlier this week, calling it a “positive investment.”

“Whether you see this budget as expensive or not depends on how you look at it,” he advised reporters.

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