Tokyo 2020 generates record $2.8 bn from domestic sponsors

Tokyo 2020 generates record $2.8 bn from domestic sponsors- InsideSport

The domestic sponsorship for the 2020 summer Games, to be hosted by Tokyo, has reached $2.8 billion (INR 17,945 crore). This is nearly three times more than the domestic sponsorship raised during any of the previous Olympics. This information was shared by the International Olympic Committee at Lima.

Addressing the IOC session at Lima, IOC’s Tokyo Games co-ordination commission chief John Coates hailed the Tokyo Olympic Games Organising Committee for the achievement.

Tokyo in initial budgets had targets $ 1 billion from domestic sponsorships. The Games are 35 months now and the organizer have already generated 280% of their targeted revenues from the 43 sponsorship deals, reports suggest.

London Olympic organisers had raised $ 1.1 million from domestic sponsors in 2012. Rio de Janeiro four years later claim to have surpassed the numbers, but their accounts are under investigation for corrupt practices in organizing the Games.

Tokyo had to scrap expensive plans for a new stadium due to budgetary struggles after the Games were allotted to the Japanese Capital in 2013. The host city for the 2020 Games had slashed its organizational budget by more than $9 billion to $16.8 billion last year.

However, the record performance on the domestic sponsorship front will ease out many troubles for the organizing committee for the 2020 Tokyo Games.

The Olympic Games return to the Japanese Capital after 56 years. The City had played host to the 18th edition of Olympiad between 10 and 24 October, 1964.