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Olympic Games News

Tokyo 2020 saves US$4.3 billion due to IOC’s cost reduction measures

Date : 06 Oct 2018

Buenos Aires, Argentina, October 6, 2018: The 2020 Tokyo Olympics will save US$4.3 billion in spending thanks to the Olympic Agenda 2020 and its New Norm, it was revealed at the International Olympic Committee Executive Board meeting on Friday.

Olympic Agenda 2020 – 40 recommendations that make up a strategic roadmap for the future of the Olympic Movement – has saved US$2.2 billion during the review of the Venue Master Plan for the 2020 Tokyo Olympics.

An additional US$2.1 billion has been saved mainly from the operational budget through the New Norm, an ambitious set of 118 reforms that reimagines how the Games are delivered.

Of the 118 measures, Tokyo has already fully implemented 49, while another 41 are being fully or partially applied. Some of these steps include shortening venue rental periods and optimising test event and overlay plans.

“We can be pleased with these interim results, in particular, the US$4.3 billion savings from Tokyo 2020,” said John Coates, the IOC’s Tokyo 2020 Coordination Commission Chair, who also leads the New Norm working group for the IOC.

“We are only part of the way there with Tokyo 2020, however. Our Japanese friends have embraced the New Norm, but we still have work left to do, and we will continue our cost reduction efforts with them until the Closing Ceremony of those Games,” Coates pointed out.

The New Norm’s impact will extend far beyond Tokyo. It was partially applied in the Pyeongchang 2018 Winter Games resulting in measures such as reducing the number of accredited seats, eliminating the secondary ‘mountain’ International Broadcast Centre and using an existing building for the Main Press Centre. All these steps contributed to a positive financial result from the Games for the organising committee.

For Beijing 2022, 37 measures have already been put in place with a further 62 to be implemented either fully or partially. The Executive Board was also updated about Beijing 2022’s progress in delivering a strong legacy from the Games, with eight million people in Beijing already getting involved in winter sports. This is a good step for China to achieve its goal of 300 million people getting involved in winter sports.

There was also a strong progress on the marketing front with eight partners currently on board. Paris 2024 will see the New Norm fully implemented, and this is already clear with the co-construction approach being adopted between the IOC, the International Paralympic Committee and Paris 2024.

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