Organising committee of the Tokyo Olympic Games Disclosed that the postponement of the Games until next year due to the COVID-19 pandemic will cost Japanese organisers an additional 294bn yen ($2.8bn).

Organisers have been assessing the financial repercussions of the delay since the Japanese government and International Olympic Committee (IOC) decided in March to suspend the Games until 2021.

The organisers said the Tokyo metropolitan government is expected to pay 120bn yen, the organising committee 103 billion yen and the Japanese government 71bn yen.

The IOC has previously said it will contribute $650m towards covering postponement costs. This is separate from the costs announced by Japanese organisers on Friday.

Tokyo 2020 CEO Toshiro Muto stated, “Tokyo’s costs are Tokyo’s costs” .

“Within this revenue we have additional sponsorship that we have requested from partners and we also have insurance.”

Tokyo 2020 is also falling back on a contingency fund of 27bn yen detailed in last year’s budget to cover costs. The last official budget given by the organising committee in December 2019, months before the Games were postponed, was $12.6bn.

Tokyo 2020 President Yoshiro Mori added that the IOC had agreed to waive any additional royalties accrued by new sponsorship deals secured by the organising committee.

“I had a video conference last night with IOC President Bach,” said Mori.

“President Bach expressed his strong determination that the IOC and us should work as one team and cooperate to ensure the success of the Games,” he added.

The Tokyo Olympics and Paralympics Games are now scheduled to be held from July 23 to August 8 and August 24 to September 5 next year.