Tokyo Olympics price tag skyrockets by $3bn

  • Tokyo Olympics price tag skyrockets by $3bn

Tokyo Olympics price tag skyrockets by $3bn

It's a view shared by Australian Olympic Committee chief executive Matt Carroll and FFA boss James Johnson, who will "open up discussions" with FIFA and the Asian Football Confederation.

International Olympic Committee (IOC) president Thomas Bach put out a new video release on Tuesday with a positive message for athletes toward the future.

Bach said in a conference call on Wednesday morning that a call would take place with the 33 worldwide sports federations on Thursday to discuss the matter.

"We have contacted in the meantime all of the sponsors and what we can see is that we have their full support for this decision and we will now work to implement it", he said.

Another question raised by the postponement is the impact on the IOC's incoming TOP sponsors, such as Allianz and Mengniu, whose deals start in 2021.

Toshiro Muto who leads the new task force said there are many things that can not proceed unless a new schedule for the openings of the Olympics and Paralympics is set quickly. Tokyo 2020 would mark the first time for the Olympics to be postponed, but there's still a sliver of hope that they won't turn into the Tokyo 2021 Olympics, as during their conference Abe and Bach shared their commitment to holding the event in the summer of next year at the latest.

The decision was a major blow to Japan, which has invested more than $12 billion in the Olympics and had for weeks insisted that they would go ahead as planned, even as the pandemic grew.

"Now that the decisions have been made, let's take this positively, reset our mindset", he said.