Tokyo 2020 Announces Record 43 Domestic Sponsorships Totaling $2.8B
Tokyo 2020 has sold 43 domestic sponsorships worth $2.8B, blowing past the prior sales benchmark for a single Games, and is not done selling, Tokyo Organizing Committee CEO Toshiro Moto said. "This is a record number of local sponsors," Moto told the IOC session in Lima, Peru. "We are aiming to increase the value of the Games through sponsorship activations through partner companies, and securing even more local sponsors." The figure is three times Tokyo 2020's original sales revenue budget, a surge that experts say reflects the country's nationalistic business culture and robust interest in the Games that is allowing for some unconventional deals. For instance, Tokyo 2020 has sold two gold-level sponsorships in the banking category to Sumitomo Mitsui Financial Group and Mizuho Financial Group.
'REMARKABLE ACHIEVEMENT': IOC VP John Coates, chair of the IOC's oversight committee for Tokyo, called it a "remarkable achievement, particularly when you realize that Toyota, Panasonic and Bridgestone are TOP partners and not included in those amounts." Despite the strong revenue picture, Tokyo and the IOC continue to look to cut costs from the Games' $12.6B operating budget, which has doubled from its original bid projections. "We are concerned we must continue to reduce operational costs because of the impression that it gives," Coates said. "There's no issues here about the Japanese organizing committee and the government being able to fund this, but I think it gives the wrong message if we continue to have Games that cost too much." Beijing 2008 set the prior record with $1.2B, and London 2012 and Rio 2016 both sold about $1B in domestic sponsorships, in figures unadjusted for inflation. In its most recently published plan, the L.A. 2028 bid committee plans on selling $1.9B worth of domestic sponsorships.