- Title: IOC not ready to accept Tokyo 2020 Olympic 20 billion dollar budget
- Date: 2nd December 2016
- Summary: TOKYO, JAPAN (DECEMBER 2, 2016) (REUTERS) **** WARNING CONTAINS FLASH PHOTOGRAPHY **** THE INTERNATIONAL OLYMPIC COMMITTEE AND TOKYO 2020 NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (English): INTERNATIONAL OLYMPIC COMMITTEE VICE PRESIDENT, JOHN COATES, SAYING: "As the IOC, we confirmed that we are not in the position yet to accept a budget of 20 billion dollars. This was a ceiling budget. This was a consolidated budget." NEWS CONFERENCE IN PROGRESS LOGOS OF TOKYO 2020
- Embargoed: 17th December 2016 10:50
- Keywords: Japan IOC Olympics Tokyo 2020 20 billion budget John Coates
- Location: TOKYO, JAPAN
- City: TOKYO, JAPAN
- Country: Japan
- Reuters ID: LVA0015B6YCZJ
- Aspect Ratio: 16:9
- Story Text: The International Olympic Committee (IOC) said on Friday (December 2) it's not ready to accept Tokyo's budget of $20 billion for the 2020 Games, a cost limit Tokyo 2020 organizers vowed to keep after Tuesday's (November 29) four-party working group session.
"As the IOC, we confirmed that we are not in the position yet to accept a budget of 20 billion dollars. This was a ceiling budget. This was a consolidated budget," IOC Vice President John Coates told journalists during a news conference following a two-day closed door working session with Tokyo 2020 organizers.
A budget review by Tokyo governor Yuriko Koike, who took office in July, said costs could surge to more than 3 trillion yen ($26.36 billion), over four times initial estimates made when Tokyo won hosting rights.
Tokyo organisers said this week they would draw up a final budget by the end of the year.
Games organisers have run into a series of broken promises and problems in their preparations, including scrapping the original design for the centrepiece National Stadium as well as the first logo after allegations that it was plagiarised.
Work finally began on the stadium this week, more than a year behind schedule.
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