February 7, 2018 / 2:38 AM / 19 days ago

'Extraordinary' Tokyo sponsorship deals near $3 billion: IOC

PYEONGCHANG, Reuters (Reuters) - Record revenues from the Tokyo 2020 Olympics sponsorship program have edged closer to $3.0 billion with more partners expected, the International Olympic Committee (IOC) said on Wednesday.

Tokyo has eclipsed all of its Olympic predecessors in terms of sponsorship proceeds by almost three times and the IOC’s coordination commission chief for the 2020 Games, John Coates, praised overall progress.

“Tokyo continues to show positive progress and meeting key milestones,” Coates told the IOC session in Pyeongchang ahead of the 2018 Winter Olympics.

He said new venue projects were also proceeding according to plan with the first such arena -- for badminton -- having opened late last year.

FILE PHOTO - A staff takes out a banner featuring Tokyo 2020 Olympics emblem from the wall after a news conference hosted by International Olympic Committee (IOC) Vice President John Coates and President of Tokyo 2020 Olympic and Paralympic organising committee Yoshiro Mori in Tokyo, Japan June 30, 2017. REUTERS/Kim Kyung-Hoon

Sponsorship revenues had now topped $2.91 billion, Coates said, calling the program “extraordinarily successful”.

“There are 47 partners in total, 15 in tier one, 29 in tier two and three in tier three. $2.91 billion of national sponsorship and there is more to come,” he said.

“It is a pleasure dealing with this local organising committee,” he said.

The London 2012 Games raised roughly $1.1 billion, while Rio de Janeiro in 2016 claimed it had slightly surpassed London, but final accounts are sketchy given investigations into corruption linked to Olympics projects in Brazil.

Tokyo initially struggled with preparations after being awarded the Games in 2013, scrapping plans for an expensive new stadium, reducing a ballooning budget from more than $26 billion to $16.8 billion and dealing with a number of environmental issues.

Reporting by Karolos Grohmann; Editing by John O'Brien

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