Tokyo 2020 Budget To Benefit From New IOC Reforms

The IOC said Tuesday that the Tokyo 2020 Olympics "will benefit from a fresh batch" of IOC reforms, despite having "already slashed" its initial budget by roughly $2.5B, according to Karolos Grohmann of REUTERS. The Games budget "spiraled dangerously out of control" a few years after Japan was awarded the event in '13, forcing major revisions as "potential future hosts, already concerned about the massive costs involved, were discouraged." A set of 118 reforms, named "the New Norm" and approved by the IOC session in Pyeongchang last week, are "designed to drive down costs for future Summer Games hosts" by around $1B. They would also provide some savings for Tokyo, the IOC’s Coordination Commission for Tokyo Head John Coates said, "even though all the reforms would only be in place at the 2024 Paris Games" (REUTERS, 2/13).