TOKYO OLYMPICS SEALS DEAL WITH 68 DOMESTIC PARTNERS TO EXTEND CONTRACTS INTO 2021
Tokyo Olympics 2020 officials announced they have reached a "basic agreement" with all 68 domestic sponsors to extend their contracts into 2021 to support the postponed Olympics.
“The Tokyo Games have received the greatest amount of financial support from domestic partners in the history of the Olympic Games,” Tokyo 2020 President Yoshirō Mori said.
Tokyo 2020 is continually bearing the increasing budget for expenses by $900 million (£670 million/€740 million) in the latest Organising Committee budget.
Moreover, President Mori said at an online briefing that the new contributions “will exceed” 22 billion yen, or about $210 million, to patch up holes in the growing budget.
In line with this, the president expressed his thanks to the sponsors, “This level of cooperation across the country is extremely heartening…as 2020 comes to a close, we would like to thank them again for their continued support.”
Domestic sponsors feature three tiers- gold partners, officials partners and official supporters. And includes well-known companies such as Canon, Fujitsu Limited, Asics, and Mitsubishi.
In addition to the 68 domestic partners, the Tokyo 2020 sponsorship programme also includes 14 worldwide The Olympic Partners scheme partners, eleven worldwide Olympic partners, and Paralympic gold partners.
Japanese newspaper Nikkei reported earlier this month that each of the 15 so-called “Gold Partners” would contribute about $10 million each. Some of the Gold Partners include well-known names like Canon, Fujitsu, and the Mizuho Financial Group.
While CEO of the organizing committee Toshiro Muto shared that Dentsu had conducted the negotiations where Mori averred that companies were not “pushed.”
Muto shared that Sponsorships involve cash, in-kind goods and services will be provided in lieu of cash payments.
The extended contracts of the domestic partners are now set to run until December 2021.
The Tokyo Olympics are now scheduled to run from July 23 to August 8 in 2021 and will be followed by the Paralympics from August 24 to September 5.