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Tokyo Olympic organizers estimate delay will cost extra ¥200 bil

36 Comments

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I wonder how much more it cost if they keep pushing on pretending that everything is okay and the games won't be cancelled? I guess we will have to wait until sometime next year, a couple of months after the date the 2021 Olympics were going to be held but were cancelled.

17 ( +18 / -1 )

TOKYO OLYMPICS, not Japan Olympics so please don't tax me, I don't live in Tokyo. I say cut losses now and cancel.

21 ( +23 / -2 )

The organizing committee, the Tokyo metropolitan government and Japanese government are planning to decide in December how much of the burden each will shoulder -

Now this will be interesting. A three-way negotiation, where each side's goal is to reach an agreement while committing to as little as possible. The previous split was 45-44-11%, but the taxpayers are pretty tapped out after the overspending to fight the pandemic.

8 ( +8 / -0 )

I wonder about the non-related costs, like the athletes village condos that were supposed to have been occupied by private buyers by now.

12 ( +14 / -2 )

The cost to date, is what $25 billion.

10 ( +10 / -0 )

July 23 - August 8 in Japan is a very sweaty time to be getting your olympics on.

7 ( +7 / -0 )

My guess is they will cancel when some large sponsors won't resign for 2021. Of course, all Japanese companies will, but many non-Japanese sponsors will very likely be hesitant to resign.

2 ( +4 / -2 )

What a waste of money! With the streamlined Olympic local businesses and economy as whole will not benefit much. Japanese citizens / long term residence will end up paying for this farce in the long run in terms of increased taxes and reduced services by the local Government!

8 ( +8 / -0 )

The Games were expected to cost around 1.35 trillion yen before they were postponed in March, just four months before the Olympic opening ceremony was slated to be held in the Japanese capital. The cost, now predicted to exceed 13.5 trillion yen, will be put on the backs of the taxpayers in the country with the world's highest per-capita debt burden...

10 ( +10 / -0 )

@dbsaiya

Well I do live in Tokyo but want nothing to do with this glorified school sports day. I don't want any of my hard earned tax money wasted on this nonesense especially in these times of hardship for everyone.

10 ( +10 / -0 )

Translation: Dentsu etc. want more money, so taxpayers will be paying them. Part of the money will be flowing back to the politicians via donations and "other means"

9 ( +9 / -0 )

Tokyo Olympic organizers estimate delay will cost extra ¥200 bil

They should be able to make that up with mandatory health insurance for foreign visitors.

3 ( +3 / -0 )

this is crazy!! what governments around the world are doing? Just make compulsory wearing face masks and keep social distances but for god sake allow freedom of people and travel! Businesses are dying, airlines and tourism industry wont survive much more!!!! Vaccine alone will not do anything, actually is possible to fight the virus without any vaccine! Life must continue people cannot dye for starvation, desperation and depression!! Open your eyes Japan!

-7 ( +1 / -8 )

I remember wanting to stay in Japan for the 2020 Olympics instead of travelling back home to Canada in the summer as I normally do. Now, I could care less about these games and would prefer to leave Japan. However, I'm probably not going to be able to without injecting a vaccine into my arm or quarantining for a month (2 weeks in Canada, 2 weeks in Japan). This is a nightmare.

3 ( +4 / -1 )

200 billion yen ($1.9 billion) to delay a sporting event!

And one wonders why people/media question, some would argue the deranged logic of costs holding the Olympic Games in the first place.

6 ( +6 / -0 )

"...or quarantining for a month (2 weeks in Canada, 2 weeks in Japan). This is a nightmare."

We are uncertain of your location, but if you are a Canadian citizen, then a 14-day self-isolation will be required upon return to your country. Japan does not require any isolation before your departure...

1 ( +2 / -1 )

And when it's cancelled in a few months that ¥200 billion will still be in the pockets of the organizers, construction firms, politicians, and everyone but the average tax-payers. They could easily save that extra 200 billion by cancelling now. The spending of that money is not an inevitability unless they insist on going forward with it.

4 ( +4 / -0 )

Complete bullocks and lies so Dentsu can drive up the revenue from sponsors. I keep saying the real cost is only around 20 billionNOT 200 billion and i can substantiate it but JT is not interested

0 ( +1 / -1 )

It doesn't matter what it costs. Everyone (Japanese) I've spoken with this year is soooooo looking forward to the Olympics even though taxpayers are getting fleeced. Boggles the mind.

-3 ( +1 / -4 )

"...or quarantining for a month (2 weeks in Canada, 2 weeks in Japan). This is a nightmare."

We are uncertain of your location, but if you are a Canadian citizen, then a 14-day self-isolation will be required upon return to your country. Japan does not require any isolation before your departure...

What about when I return to Japan? I don't plan on moving permanently to Canada.

2 ( +2 / -0 )

IT'S NOT WORTH IT!

Cut your losses!

0 ( +1 / -1 )

To complicate matters. The broadcasting rights, to The Games, are a sizeable revenue stream. - which will be impacted by the delay.

The International Olympic Committee (IOC) faces the prospect of having to reopen negotiations with NBCUniversal over the amount the broadcaster will ultimately pay for United States rights to Tokyo 2020/2021 Olympic Games under one of the Movement’s most important commercial contracts.

A note in the newly-published financial statements of the United States Olympic and Paralympic Committee (USOPC) explains that the one-year postponement of the Games has triggered a "Right of Abatement" clause in the agreement.

This is said to stipulate that "NBC and the IOC shall negotiate in good faith an equitable reduction in the applicable broadcast rights payments."

If the Games pass off as per normal in their new time-slot, it seems possible that any reduction to the $1.418 billion (£1.08 billion/€1.2 billion) fee reported to have been agreed in 2011 might be relatively small: the IOC and NBC are, after all, old partners, with NBC set to continue broadcasting the Olympics in the US until at least 2032.

Under present extraordinary circumstances, however, this cannot be guaranteed.

The negotiations, moreover, would not occur until "after completion of the Games in 2021."

This might give rise to concerns over possible delays to the timeframe under which money is subsequently redistributed to International Federations (IFs) whose sports form part of the Games.

The note in the USOPC accounts also reveals that the postponement of Tokyo 2020 triggered a "Termination Rights clause" in the NBC agreement under which the broadcaster could have opted to terminate the contract within ten days.

0 ( +0 / -0 )

cost of holding the Olympics and Paralympics palatable to the Japanese public.

We are past the palatable part already! This is ridiculous, Japan is in deep **** financially and they still want more money to hold this stupid Olympics that nobody wants and most athletes from around the world will not be able to attend or are out of practice and are not ready for a major competition! I have been asking everyone I know "would you go to watch?" and "Do you think it should be held?", everybody so far told me that they would not go and that this Olympics are unfair/ unnecessary/ too expensive/ too dangerous to hold.

2 ( +2 / -0 )

As an amendment to a previous post:

The analysts are looking at who will take the financial hit for the Olympic postponement. Sally Hancock, managing partner at Y Sport, who negotiates broadcasting rights for the games, states it will not be the broadcasters, but rather the host city of Tokyo which will suffer a much smaller commercial benefit all round.

1 ( +1 / -0 )

We need the olympics to save the economy, this cost will just have to go toward bigger economic goals.

-4 ( +0 / -4 )

This government needs to focus on the lives of people now and stop worrying about the friggin Olympics which is nothing but a money pit and not a money earner not in this pandemic which will not have ended next year even with the vaccine.

My friend, today, told me that her company did a wide sweep of layoffs last week and she was afraid she would be one to loose her job but didn't.

The need to stop the campaign travel go, getting serious about closing down Pachinkos, hostess clubs and bars that are breeding machines for this virus is a must.

0 ( +0 / -0 )

So why not save the money and END the stupidity, imagine how much they could save by not even having it.

Too Dumb !

0 ( +0 / -0 )

@Kumagaijin, this Canadian (Victoria, BC) feels for you. I missed the birth of a baby to some very dear young Japanese friends in Yokohama, in March - they're first, for which they actually wanted me in the hospital with them! Believe me, that loss, at least to me, was worth far more than the stupid cost of the Olympics.

2 ( +2 / -0 )

lol Hopefully now more people will understand the true face of the LDP and the Olympics, and go on to learn about the World Bank, IMF, etc.

0 ( +0 / -0 )

Very wasteful of taxpayers money. All this, just for a few people"s whims???. Better forget the games this time.

0 ( +0 / -0 )

The money is in the pockets of the service providers already so it's a foregone conclusion, they are only deciding who is on the hook for the bill.

The cost went up "only" 15% according to the article, which sounds conservative.

0 ( +0 / -0 )

Ever since Tokyo got the green light to host the Olympics, the politicians made this sound like some magic bullet that will solve all economic ills. It has now turned into a huge nightmare, and since the government is probably not going to pull the plug again, the losers are again the taxpayers. Only the construction companies and the PR firms are laughing all the way to the bank.

1 ( +1 / -0 )

Why don't the politicians, the IOC and all of the contractors pay it out of their pockets?

1 ( +1 / -0 )

We already pay a Fukushima premium in addition to our income taxes and it is highly likely that now there will be a second additional to income taxes in the form of the Olympic premium. What an absolute farce this all is.

0 ( +0 / -0 )

It'll be a lot more than that.

The number above don;t include losses from ticket sales. There world will not have opened up/be confident enough by the middle of next year to allow for the free movement of travellers for this event. Be prepared for sparse crowds.

0 ( +0 / -0 )

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