IOC will not sign off on Tokyo’s $20b budget for 2020 Games
TOKYO — Calling Tokyo’s proposed $20 billion budget unacceptable, IOC vice-president John Coates urged Japanese organizers on Friday to find ways to make the 2020 Olympics more affordable.
Coates, speaking at the end of a co-ordination commission review of Tokyo’s preparations, said the International Olympic Committee would not accept the budget put forward by Tokyo organizers. He said the games could be delivered for less and the current figure could scare off cities considering bids for future Olympics.
“The IOC is not in a position to accept a budget of $20 billion,” Coates said at a news conference. “The IOC just isn’t going to sign off on a budget which we think exceeds the costs that the games could be staged for. That would be giving the wrong impression and it would not help us in terms of other candidate cities.”
Construction costs have soared in part due to shortages in labour and materials as Japan continues to recover from the 2011 earthquake and tsunami. Japanese organizers have yet to compile a total cost estimate for the games, though their first official budget is expected to be released by the end of the year.