Tokyo Games officials have "reached a 'basic agreement' with all 68 domestic sponsors to extend their contracts into next year to support the postponed Games," according to Stephen Wade of the AP. Japanese domestic sponsors have "contributed a record" $3.3B to the local operating budget. This is "at least twice as large as any previous Olympics" and is "driven by Dentsu Inc., the giant Japanese advertising company that is also the marketing agent for the Tokyo Games." Officials "did not immediately give financial details nor terms of the extensions." Some of the Gold Partners include "well-known names like Canon, Fujitsu, and the Mizuho Financial Group." Tokyo Games organizers announced earlier this week that their new budget, "swollen by the postponement and the cost of holding the Olympics during a pandemic," had increased by $2.8B, "pushing the official cost" to $15.4B. Sponsors are being asked to "make up some of the financial shortfall," though most of the cost overrun "will be met by Japanese government entities" (AP, 12/23).
