Economists believe the Tokyo Olympics will cost around 400 per cent over its original budget, with most of it unable to be recouped.
However, economists believe the Tokyo Olympics will cost around 400 per cent more than its original budget, and most of it will not be able to be recouped.
Just postponing the Olympics by a year amounted to an extra $3 billion in expenses from facilities, maintaining Covid-19 protocol and additional funds for public health measures. The Organising Committee had to negotiate new contracts with venues and delay selling off the Olympic village dormitories as condominiums, among other increased costs due to the delay. Overall, Zimbalist estimates the delay carried a price tag of $5 billion.
“The IOC keeps the media rights and they keep international sponsors and that’s how they generate their revenue. So, for this year, the combination of the TV rights and the international sponsorship rights are going to be something around $5 billion,” he said. “Whether the USA basketball team is being led by Steph Curry and LeBron James, or a local high school team from Honolulu doesn’t make any difference at this point because they’re not selling any tickets to that game,” Matheson added.
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