An agreement on how the US $12.9 billion cost of hosting the 2020 Tokyo Olympics has been reached.
The Organising Committee of the Tokyo 2020 Olympic and Paralympic Games has agreed a deal with the Tokyo Metropolitan Government (TMG), the Japanese Government, and with local governments of the seven prefectures and four other cities hosting events on splitting the costs.
The TMG and the organising committee will pay $5.6 billion each, while The Japanese Government will contribute $1.4 billion and the prefectures and cities will contribute the remainder.
The seven prefectures hosting events are Hokkaido, Miyagi, Fukushima, Saitama, Chiba, Kanagawa and Shizuoka. The four other cities are Sapporo, Saitama, Chiba and Yokohama.
All the parties additionally agreed to set up a ‘Management Committee for Collaborative Projects’, which aims to further reduce costs, while optimising resources.
The committee will regularly review the specific tasks related to Games preparation and operation according to the status of each venue and ensure that these tasks are progressed and managed properly.