The organisers of the Tokyo
Olympic Games (Tokyo 2020) will set up a task force to resolve the issues
arising after the postponement of the Olympic and Paralympic Games.
The Tokyo Olympics has been
delayed by a year till the summer of 2021 as Covid-19
or coronavirus pandemic wreaks havoc across the world. Now, the organizers of
the Tokyo Olympic Games (Tokyo 2020) will set up task force to resolve the
issues arising after the postponement of the Olympic and Paralympic Games
Tokyo 2020 officials said
that the Planning Task Force, which will be officially called TBD, will hold
its first meeting on Thursday at its headquarters, with president Yoshiro Mori
and CEO Toshiro Muto participating, Xinhua reported.
However, after the
postponement of Tokyo
Olympics, the multi-billion-dollar question that comes to mind is who will
pay the bills for the delay, and how large will they be? The most likely answer
is the Japanese taxpayers.
Here’s a look at the sharp
escalation in costs that’s likely to take place:
$2.7billion
The Japanese financial
newspaper Nikkei has put the added cost at $2.7 billion, citing an estimate
from local organizers.
Organisers
Organisers will have to
renegotiate new leases on venues, pay for maintenance at arenas, and maybe find
different fields of play. They will also have to deal with real estate
developers who are already selling off thousands of apartments at what will be
the Athletes Village. The organizing committee also employs 3,500 staff
members, and some may lose their jobs to cost cutting.
$3.3billion
Tokyo has sold $3.3 billion
in local sponsorships, more than twice any previous Olympics. Those brands will
be clamouring to know what they get for their money. Refunds? Make-good deals?
New contracts?
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