The deferment of Tokyo Olympic Games to next year will see the Japanese organisers use an extra $2.8 billion (approx. Sh310 billion. 

Speaking on Friday, the organising committee announced the losses Japan will incur by postponing the games due to Covid-19 pandemic.

The Japanese government and the International Olympic Committee (IOC) opted in March to push forward the Olympic Games to 2021.

The organisers said Tokyo metropolitan government will pay 120 billion yen, committee 103 billion yen and Japan government 71 billion yen.

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The IOC had undertaken to contribute $650 million to cover for the postponement costs separate from costs announced by Japan on Friday.

“Tokyo 2020’s is revenue that we can secure. Within this revenue we have additional sponsorship that we have requested from partners and we also have insurance,” Tokyo 2020 CEO Toshiro Muto said.

The Olympic organisers are also looking at tapping into a contingency fund of 27 billion yen outlined in last year’s budget to cover the costs.

The last official budget given by

The organising committee in December 2019 announced that its budget would be $12.6 billion but months later the Games were postponed.

Yoshiro Mori, the Tokyo 2020 President, said IOC would waive any extra royalties accrued by new sponsorship deals the committee secures.