Tokyo Games’ Organizer, Sponsors Agree to Contract Extension

The Yomiuri Shimbun

16:11 JST, December 25, 2020

The Tokyo Organizing Committee of the Olympic and Paralympic Games announced Thursday that it had reached a deal with all 68 domestic sponsors to extend their contracts for a year through the end of 2021.

The corporate sponsors have plans to make additional contributions of about ¥22 billion, which is set to be incorporated into the organizing committee’s revenue.

Since the decision to postpone the Tokyo Games to summer 2021 was made in March, executive members of the organizing committee, including President Yoshiro Mori, visited each of these companies to request an extension of their sponsorship contracts.

“We’ve received word [from the companies] that they’d like to support us as much as possible to ensure that the Games can be held,” Mori said at a press conference on Thursday. “We can’t thank them enough for their support.”

Despite the possibility that the novel coronavirus could cause a deterioration in business performance, Mori said, “I believe that they will continue to cooperate with us as they recognize the significance in the Games being held.”