TOKYO – The Tokyo Organizing Committee of the Olympic Games and Paralympics has reached basic agreements with the 68 domestic supporters on additional support money needed as a result of the year postponed to next summer due to the coronavirus pandemic.
“We cannot be too thankful,” committee leader Yoshiro Mori said at a news conference in Tokyo on Thursday. “While there should be a lot of debate inside, I believe they will continue to support us, because they accept the great importance” of hosting the events, the former Japanese prime minister said.
The 68 companies include some with difficult employment prospects amid the COVID-19 crisis. But they reached agreements with the committee to show support for the Tokyo Olympics and Paralympics on an “all-Japan” basis, analysts said.
The committee therefore expects to receive more than $ 22 billion ($ 212 million) in additional support, including the supply of goods.
With the basic agreements reached by Thursday, the committee and sponsors are moving forward to sign new contracts that will take effect until the end of 2021.
Large Olympic rings stand on the Tokyo coast, as seen from the Odaiba Marine Park in the bay on December 1. © Reuters
As a result of the agreements, the sponsors will contribute more than 370 billion yen ($ 3.57 billion) to the committee ‘s total revenue of 721 billion yen. These donations are about three times the previous record, surpassing the $ 1.22 billion (126 billion yen at the current exchange rate) provided by sponsors of the 2008 Beijing Olympics and the $ 1.15 billion for the London Olympics 2012.
Domestic fans for the Tokyo Games are divided into three categories, with the top tier being the 15 gold participants. Existing contracts were due to expire at the end of this year, and around July the committee began discussions with sponsors about extending them.
“In conjunction with the committee, we will encourage measures to not only motivate athletes but also everyone else,” said Asahi Breweries, a gold partner. consider the resumption of promotional activity featuring Tokyo Games, such as running television products and marketing specialty products.
Among other gold partners, Meiji Holdings plans to invite parents and children to three-day, two-night tours of game venues. While it remains uncertain whether the number of spectators at the games will be limited to prevent coronavirus infection, a manufacturer of sweets and dairy products said it is considering launching the program. in action because “the events are a rare opportunity in Japan.”
Tokio Marine & Nichido Fire Insurance said, “We will add [the] the success of the events by providing reassurance through insurance. “
Nippon Telegraph and Phone said they have agreed to extend its contract because the Tokyo Olympics and Paralympics will “enable Japan to attract global attention to its attractiveness.”