By Tom King
The organising committee of the Tokyo 2020 Olympic and Paralympic Games has reached a “basic agreement” with all 68 domestic sponsors to extend their contracts and support the delayed Games.
Based on the agreement, TOGOC said it is proceeding with the conclusion of contracts with all partners. The organiser did not reveal any financial details or terms of the extensions.
SportBusiness reported last year that some domestic Tokyo Olympics sponsors had questioned whether they would extend their contracts to cover the postponed Games.
The economic downturn caused by Covid-19 has affected sponsors, with many facing spending cuts and some questioning the value of their deals against apparently declining public support in Japan for the event.
There has been pressure on the companies to continue to support the Games given their importance as a national project for Japan.
Commenting on the new agreements, Tokyo 2020 president Yoshiro Mori said, “We have recently confirmed that we have reached [a] basic agreement with all domestic partners supporting the Tokyo 2020 Games regarding the extension of their contracts into 2021… The Tokyo 2020 Games have received the greatest amount of financial support from domestic partners in the history of the Olympic Games. This level of cooperation with companies from across the country is extremely heartening. As 2020 comes to a close, we would like to thank them again for their continued support.”
Tokyo 2020’s 68 domestic sponsors include 15 top-tier Gold Partners, 32 second-tier Official Partners, and 21 Official Supporters.
The cost of the postponed Tokyo Olympic and Paralympic Games is now reported to be around ¥294bn (€2.3bn/$2.8bn). Japanese local and central government are reportedly stepping in to help cover the costs after reaching an agreement with the organisers.