SBD Global/January 11, 2017/Olympics

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  • South Korea To Spend $780M This Year Preparing For 2018 Games

    South Korea's Ministry of Culture, Sports & Tourism announced Tuesday it will spend 937.2B won ($780M) "on preparations of the 2018 PyeongChang Winter Olympics and Paralympics this year," according to Baek Byung-yeul of the KOREA TIMES. According to the ministry, the budget for the country's first Winter Olympics "includes support for operational preparations, national team athletes' training and facility construction." The sports ministry allocated "the largest portion of the budget" at 731.1B won ($608.3M) for construction. This is a 55.1% decrease from last year as facility construction is "nearing its final phase of completion." The budget for the national team athletes has "been raised." The ministry said it will spend 39.5B won ($32.9M), a 24.2% increase from last year, "supporting athletes." It will pay for overseas training for athletes, recruit more foreign coaches and help secure more time for the athletes to train in the Olympic facilities. The ministry added that "it reduced the financial burden of the organizing committee for the Winter Olympics and Paralympics following the revision of laws that allow the organizers to pursue various business activities and receive tax benefits" (KOREA TIMES, 1/10).

    CAMPAIGN DISCOUNTS: YONHAP reported South Korea said "it will launch a nationwide shopping campaign next week to provide discounts to foreign tourists one year ahead of the opening of the PyeongChang Winter Olympics" in Feb. '18. The Visit Korea Committee said that "focus will be put on offering discounts at ski resorts and other winter sporting events" during the week-long Korea Grand Sale from Feb. 20-28. Under the campaign, ski resorts in PyeongChang and other counties in Gangwon Province will provide up to 50% discounts on the use of lifts, gondolas and skiing equipment. South Korea's largest national flag carrier, Korean Air Lines Co., "will offer a package of airplane tickets and hotel accommodation at a discount rate" while Asiana Airlines Co. is providing a discount of up to 60% for air tickets to China and European cities from Incheon (YONHAP, 1/9).

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  • Japan PM, Tokyo Governor Agree To Work Together For Successful 2020 Games

    Japanese PM Shinzo Abe and Tokyo Governor Yuriko Koike agreed Tuesday to "work together to ensure the success of the 2020 Tokyo Olympics and Paralympics, eschewing for now talks on how the financial burden should be shared," according to KYODO. Koike said after meeting with Abe in the PM’s Office that the metropolitan government and the central government "did not hold any working-level discussions Tuesday on topics such as the budget for the games." The 2020 organizing committee last month "presented its first draft of the total cost" -- set at between 1.6T yen ($13.8B) and 1.8T yen ($15.5B). The key "outstanding issue" is the division of construction costs for temporary facilities, which at the time of the bidding process "were to be completely covered by the organizers using such revenue as sponsorship income." The organizers are proposing that "some of that cost be taken up by the central government, the Tokyo metropolis and municipalities that will host events." But municipalities outside Tokyo "expressed reluctance to pay" (KYODO, 1/10).

    Print | Tags: Olympics, Japan
  • Olympic Notes: PyeongChang 2018 Signs Deal With Hyundai Department Store Group

    The PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Games and Hyundai Department Store Group signed an agreement that sees the Korea-based department store group giving a financial donation to the 2018 Games. The donation from Hyundai Department Store Group will be used for Games preparations and administration, including the upcoming test events this year (PyeongChang 2018). 

    The Indian Olympic Association has "decided to revoke the appointment of scam tainted Suresh Kalmadi and Abhay Chautala as its life presidents." The appointments were made at the IOA annual general meeting in Chennai on Dec. 27, and saw the Union Sports Ministry withdraw the recognition to the IOA and demand the removal of Kalmadi and Chautala, "who are facing corruption charges" (THE HINDU, 1/10).

    Former FA of Ireland CEO Bernard O'Byrne is "to run for the Presidency of the Olympic Council of Ireland." O’Byrne, who is currently the CEO of Basketball Ireland, "has been nominated by the association" for the position. Pat Hickey, who held the position until he was arrested during the Rio Olympics "as part of a police investigation into alleged ticket touting," is not seeking re-election (IRISH INDEPENDENT, 1/10).

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