The organizers of the 2020 Tokyo Olympic and Paralympic Games on Friday increased the budget for the opening and closing ceremonies roughly 43 percent to 13 billion yen ($117 million).
The organizing committee's board of directors determined the 9.1 billion yen rough estimate generated at the time of Tokyo's bid would not be enough. With the Tokyo Games already facing tough financial choices, the organizers decided to keep the budget for the ceremonies smaller. The figure is expected to be lower than the cost of the Opening and Closing Ceremony at London 2012, while it is anticipated the sum will be less than their successors Paris 2024 are expected to spend.
At the same meeting, Japanese Olympic Committee President Tsunekazu Takeda apologized for "causing worry" after being investigated by French authorities for corruption in connection with Tokyo's hosting bid.
Takeda is under investigation over some $2 million in payments made by Japan's bid committee in 2013 to now-defunct Singapore-based consultancy Black Tidings.
The Ceremonies were initially budgeted to cost ¥9.1 billion (£64 million/$82 million/€72 million), according to the Japanese capital city’s plans during the bid phase for the Games.
Tokyo 2020 chief executive Toshirō Mutō reportedly confirmed the increased budget following an Executive Committee meeting.
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Suposh Sharma, keenly follows Hockey, Athletics, and other Olympic sports. He also has a penchant for writing humour and is an avid traveller