Audit report: Tokyo Olympics likely to cost more than $12.6 billion
Japan's National Audit Board released a report on Friday suggesting the Tokyo Olympics is likely to cost $9.7 billion in addition to the $12.6 billion that organizers are claiming the event's price tag will be, AP reports.
Why it matters: Only $5.6 billion in private money is allocated to fund the Olympics. The remainder of the funds will come from taxpayers across the country, the city of Tokyo and other government bodies, according to AP.
By the numbers: The audit notes an additional $9.7 billion for Olympic-related costs that have yet to be calculated. The city of Tokyo has previously committed another $7.4 billion for projects associated with the Olympics, AP writes.
- Worth noting: Ticket sales and sponsorships have generated an extra $300 million so far, adding to a contingency fund, per AP.
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Editor’s note: This post has been corrected to show that the report cited an additional $9.7 billion (not an additional $12.6 billion).