Photo by Alex Smith on Unsplash BIZ 2020-One Tokyo Olympics Organizers Cut Budget by Nicholas Durst October 8, 2020 The official Tokyo budget for the 2020 — now dubbed the “2020-One” — Summer Olympic Games is $12.6 billion. A national audit conducted last year, showed that the actual cost could be twice as high as what’s been officially reported. A separate study from the University of Oxford published in September said that Tokyo is already the most expensive Summer Olympics in history and this is without the games even being played yet. Organizers for the delayed 2020 Tokyo Olympics estimate they will be able to save about $280 million from the Games’ budget, according to The Associated Press. Tokyo Olympics: What’s to Come Former Japanese prime minister and organizing committee president Yoishiro Mori said that the number of parties and receptions for VIPs will be scaled back. This could be a model future Olympic hosts could follow. “Every night somewhere a party is being held,” Mori said, in Japanese. “And almost all the same people are gathered at the parties and receptions. These were reduced in number and scale. Every night a reception was being held, but now it’s not every night. This is going to be a good model for future organizers.” Tokyo Olympic Chief Financial Officer Gakuji Ito stressed that the $280 million savings figure was just an estimate. “How we calculated the cost reductions is something that is unprecedented and it is an initiative no one has ever experienced,” Ito said, translated from Japanese. “From an administrative perspective, we struggled hard. As far as how much money the postponement of the 2020 Summer Olympics is actually costing, both Mori and Gakuji declined to give an estimate. “We are in the process of doing that, calculating that,” Muto said. “We are not able to give you a concrete number as of yet.” A previous AP report estimated that the postponement will cost between $2 billion and $6 billion. Are you excited to see the 2020 Tokyo Olympics played in 2021? Do you actually think the event will happen? Let us know. Post Views: 481 The following two tabs change content below.BioLatest Posts Nicholas Durst Nicholas Durst is a sports media professional who has worked as an on-air personality and producer with the Brooklyn Cyclones, Bleacher Report, MSG Networks, WFAN Radio and MTV. He has experience in TV, radio, social/digital media, short-form and live video across sports and entertainment. He is also a NCAA Division II broadcaster for CSI SportsNet. Nicholas hosts You Know I'm Right, right here on InTheZone.io. Follow him on twitter @Nick_Durst Latest posts by Nicholas Durst (see all) You Know I’m Right, Episode 113: New York Post Columnist Phil Mushnick (Audio/Video) - April 29, 2021 You Know I’m Right, Episode 112: New York Jets’ Insider Brian Costello (Audio/Video) - April 27, 2021 You Know I’m Right, Episode 111: New York Giants’ Insider John Schmeelk (Audio/Video) - April 23, 2021 You Know I’m Right, Episode 110: New York Giants’ Insider Paul Dottino (Audio/Video) - April 21, 2021 Related Topics2020 Tokyo OlympicsSummer Olympics Newsletter Subscription Can't Miss Posts! Women in Sports: NHL Network Host, Jackie Redmond by Nicholas Durst | posted on March 4, 2019 From Paramus High School to CBS Sports, Spero Dedes is making waves in sports broadcasting by Sunil Sunder Raj | posted on October 27, 2020 Lochte, Dressel and Ledecky all Chasing Gold at 2021 Tokyo Olympics by Anthony Paradiso | posted on April 18, 2021 Women in Sports: Podcast Host, New York Riptide Sideline Reporter, Dani Wexelman by Luke Porco | posted on March 3, 2020 You Know I’m Right, Episode 109: The Athletic’s Marc Carig (Audio/Video) by Nicholas Durst | posted on April 19, 2021 More in BIZ You Know I’m Right, Episode 113: New York Post Columnist Phil Mushnick (Audio/Video) On the 113th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... You Know I’m Right, Episode 112: New York Jets’ Insider Brian Costello (Audio/Video) On the 112th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... How the You Know I’m Right Podcast Reached 100 Episodes On March 29, 2021, the You Know I’m Right Podcast published it’s 100th episode... You Know I’m Right, Episode 111: New York Giants’ Insider John Schmeelk (Audio/Video) On the 111th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... Rutgers Alum and WNBA Legend Cappie Pondexter Feared Missing Alleged Drew McIntyre-Tyson Fury WWE Pay-Per-View Match Halted