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TOKYO – The Tokyo Organizing Committee for the Olympic and Paralympic Games has reached basic agreements with the 68 national sponsors on the additional support money needed due to the one-year postponement until next summer as a result of the coronavirus pandemic.
“We cannot be very grateful,” committee chair Yoshiro Mori said at a press conference in Tokyo on Thursday. “Although there should be a lot of internal debate, I think they will continue to support us as they accept the enormous importance” of hosting the events, added the former Japanese prime minister.
The 68 companies include some with dire earnings prospects amid the COVID-19 crisis. But they reached agreements with the committee to show their support for the Tokyo Olympics and Paralympics on the basis of “all of Japan,” analysts said.
Therefore, the committee hopes to secure more than 22 billion yen ($ 212 million) in additional support, including the supply of materials.
With the basic agreements reached through Thursday, the committee and sponsors are proceeding to sign new contracts that will be in effect until the end of 2021.
Giant Olympic rings are found on Tokyo’s waterfront, seen from Odaiba Marine Park across the bay on December 1. © Reuters
As a result of the agreements, sponsors will contribute more than 370 billion yen ($ 3.57 billion) to the committee’s total revenue of 721 billion yen. These contributions are roughly three times more than the previous record, exceeding the $ 1.22 billion (126 billion yen at current exchange rates) provided by sponsors of the 2008 Beijing Olympics and the $ 1.15 billion for the Olympics. London 2012.
The national sponsors of the Tokyo Games are divided into three categories, with the highest level being the 15 gold partners. Existing contracts were due to expire at the end of this year, and around July the committee began negotiations with sponsors to extend them.
“Together with the committee, we will promote measures to encourage not only the athletes but also all other people,” said Asahi Breweries, Gold Partner. The company is considering resuming promotional activities for the Tokyo Games, such as broadcasting television commercials and marketing special products.
Among other gold partners, Meiji Holdings plans to invite parents and children on three-day, two-night tours of the gambling venues. Although it remains uncertain whether the number of spectators at the games will be limited to prevent infection with the coronavirus, the candy and dairy manufacturer said it is considering implementing the program because “events are rare opportunities in Japan.”
Tokio Marine & Nichido Fire Insurance said: “We will contribute to [the] success of events providing peace of mind through insurance.
Nippon Telegraph and Telephone said it agreed to extend its contract because the Tokyo Olympics and Paralympics “will allow Japan to draw global attention to its appeal.”
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