Sports
0

Tokyo 2020 Olympic Revenues Near $3 Billion

Tokyo 2020 Olympic Revenues Near $3 BillionTokyo 2020 Olympic Revenues Near $3 Billion

Record revenues from the Tokyo 2020 Olympics sponsorship program have edged closer to $3 billion with more sponsors expected, the International Olympic Committee said on Wednesday.

Tokyo has eclipsed all of the Olympic predecessors in terms of sponsorship proceeds by almost three times and the IOC’s coordination commission chief for the 2020 Games, John Coates, praised overall progress, Reuters reported.

“Tokyo continues to show positive progress and meeting key milestones,” Coates told the IOC session in Pyeongchang, South Korea, ahead of the 2018 Winter Olympics, February 9-25.

He said new venue projects were also proceeding according to the plan with the first such arena - for badminton - having opened late last year.

Sponsorship revenues have now topped $2.91 billion, Coates said, calling the program “extraordinarily successful”.

“There are 47 partners in total, $2.91 billion of national sponsorship and there is more to come,” he said. “It is a pleasure dealing with this local organizing committee”.

The London 2012 Games raised roughly $1.1 billion, while Rio de Janeiro in 2016 claimed it had slightly surpassed London, but final accounts are sketchy given investigations into corruption linked to Olympics projects in Brazil.

Tokyo initially struggled with preparations after being awarded the games in 2013, scrapping plans for an expensive new stadium, reducing a ballooning budget from more than $26 billion to $16.8 billion and dealing with a number of environmental issues.

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com