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Tokyo Olympic organizing committee to be dissolved on June 30

22 June 2022 01:41 (UTC +04:00)

The Tokyo Olympic organizing committee will be dissolved on June 30, president Seiko Hashimoto announced at the last board meeting on Tuesday, APA reports citing Xinhua.

Seiko Hashimoto revealed that employees have been reduced from over 7,000 to 161 after the Tokyo Paralympic Games concluded last September.

Hashimoto, a seven-time Olympian, said her biggest regret might be failing to bring spectators to the venues even though full preparations had been made.

"But we had to make that decision," she said.

The Tokyo Olympic Games became the first in history to be postponed due to COVID-19 and were finally held between July 23 to August 8, 2021.

Toshiro Muto, the CEO of the Tokyo organizing committee, revealed that the total games expenditures, including those borne by the Japanese central government and the Tokyo metropolitan government, are 1423.8 billion yen, which is about 13.0 billion U.S. dollars based on last year's exchange rate.

That total expenditure has been reduced by 220.2 billion yen (2.0 billion U.S. dollars) from the version five budget announced in December 2020.

Of all the costs, Tokyo 2020 will cover 45%, the metropolitan government 43%, and the Japanese central government will account for 12%.

The committee also declared it had achieved a balanced budget of 640.4 billion yen (5.8 billion U.S. dollars), with local sponsors, TOP sponsors, the IOC and an insurance payment being contributors.