Tokyo [Japan], June 21 (ANI): The Organising Committee for the Olympic and Paralympic Games Tokyo 2020 has published its final financial report detailing its revenues and expenditures, which were balanced, and the overall financial results of the Tokyo 2020 Games.
Thanks to the efforts made to increase revenues and continuously review expenditures, Tokyo 2020 achieved a balanced budget of JPY 640.4 billion (USD 5.8 billion).
The primary sources of revenue were --The International Olympic Committee (IOC) contribution of JPY 86.8 billion (USD 0.8 billion), TOP sponsorship of JPY 56.9 billion (USD 0.5 billion), Local sponsorship of JPY 376.1 billion (USD 3.4 billion), An insurance payout of JPY 50.0 billion (USD 0.5 billion) for the postponement of the Games and other sources of revenue, including licensing, which round up to the total.
As for the expenditure --JPY 195.5 billion (USD 1.8 billion) went on venue-related costs, such as temporary infrastructure (overlay) and technology, and JPY 444.9 billion (USD 4.0 billion) went on service expenditures such as competition and venue operations, transport and security.
Total Games expenditures, including those borne by the Government of Japan and the Tokyo Metropolitan Government, were JPY 1,423.8 billion (USD 13.0 billion). This was reduced by JPY 220.2 billion (USD 2.0 billion) from Tokyo 2020's version five budget announced in December 2020, and JPY 29.2 billion (USD 0.3 billion) from the estimated Games budget announced in December 2021.
The breakdown of the total expenses --JPY 864.9 billion (USD 7.9 billion) for venue-related expenditures, such as permanent venues, temporary infrastructure (overlay) and technology, JPY 523.6 billion (USD 4.8 billion) for service expenditures, such as competition and venue operations, transport and security, and JPY 35.3 billion (USD 0.3 billion) for COVID-19 countermeasures.
The total expenses specifically related to the Paralympic Games are JPY 151.4 billion (USD 1.4 billion).
The Olympic and Paralympic Games Tokyo 2020 were staged in unique circumstances due to the first-ever postponement of the Games, caused by the spread of COVID-19. This resulted in the decision to restrict the number of spectators in most competition venues, which also impacted the Games finances.
However, the spirit of collaboration and partnership during the planning and delivery of the Tokyo 2020 Games helped to save significant amounts in the budget through a venue masterplan review and through the application of Olympic Agenda 20205 and the New Norm; and further savings were also achieved through optimisations and simplifications following the postponement.
Through these joint efforts to improve efficiency and advance simplification, even after the unexpected additional costs caused by the postponement and the COVID-19 countermeasures, the Tokyo 2020 Games were delivered with final expenditures of JPY 1,423.8 billion (USD 13.0 billion), JPY 76.2 billion (USD 0.7 billion) less than the version one budget announced in December 2016.
The budget was presented at Tokyo 2020's last-ever Executive Board meeting as a formal entity, with the organisation set to cease operations and enter its final liquidation process at the end of June 2022. These financial results follow reports from the Organising Committee and the Tokyo 2020 Coordination Commission to the IOC Session earlier this year. (ANI)