Tokyo Olympics Must Firm up $3.3 Billion in Sponsor Income
TOKYO (AP) — Local Japanese sponsors have chipped in a record $3.3 billion to support the postponed Tokyo Olympics and Paralympics That's almost 60% of the income for the privately funded operating budget. Sponsors will be asked to sign up again with the games delayed for a year. A poll published earlier this month by Japanese broadcasters NHK said two-thirds are undecided about extending for another year. Organizers say they will begin the negotiation process in earnest next month. The Japanese newspaper Asahi reported this week that organizers could be asking for “for more sponsor fees payments.” This could face opposition with many companies struggling with the pandemic and a loss of revenue.