The organizers of Tokyo 2020 have admitted to being unaware as to how the $800 million set aside by the International Olympic Committee will be spent.
The games have been postponed until next summer, with millions needed to reschedule the entire event.
Adam Reed reports.
Tokyo 2020 organizers said on Friday (May 15) that they did not know how the International Olympic Committee (IOC) plans on spending $800 million set aside to cover the costs of the rearranged Games.
The organizing committee's CEO Toshiro Muto also added that talks were still ongoing to discover the additional cost to Japanese stakeholders.
"We, in the organizing committee ourselves, have no idea about how this money will be spent.
As to why it is $650 million?
I am afraid you will have to ask the IOC." A day earlier Thursday (May 14), IOC President Thomas Bach announced that his organization expects to bear costs of up to $650 million towards the organization of the Games, and a further $150 million to support international federations and committees.
It’s hoped the $800 million will be enough to cover the IOC’s part in the re-organization of the Games, which have postponed until July next year.
The IOC and the Japanese government jointly took the decision in March to postpone the Olympics to ensure the safety of athletes and spectators, the first time in history that the Games have been delayed.
Since then, the new dates have been set but with issues surrounding the availability of venues, sporting calendars, and a host of broadcast and sponsorship contracts to work out, very little else has been decided.
Tokyo 2020 CEO Toshiro Muto says it's not clear how Olympics money will be spent.