The Tokyo Olympics appears to be creeping towards a postponement, an unprecedented and costly exercise that involves ripping up years of planning and financial losses.
KHEL UPDATES takes a look at the huge financial losses that will affect various stakeholders:
RESCHEDULING
If the Games are postponed till 2021 or 2022 as US Olympic legend Carl Lewis has suggested, it will be a logistical nightmare for both athletes, administrators and broadcasters.
In case, Games are held next year, it will clash with the World Athletics Championships, scheduled for August 2021 in the United States — a lucrative pay-day for athletes and TV networks.
Football’s European Championships is already postponed from 2020 to 2021.
VENUES
There are 43 Olympic sites — some temporary, some purpose-built, others repurposed for the Tokyo 2020 Games — and all of them present difficulties in the event of a postponement.
“A number of critical venues needed for the Games could potentially not be available anymore,” IOC had said.
For example, one of the main selling points of the brand new 68,000-seater Olympic Stadium was that it would hold “cultural and sporting events” after the Games were over. Any such event would now need to be moved if it clashes with a rescheduled Games.
Organisers have block-booked the enormous Tokyo Big Sight exhibition centre to host the thousands of international journalists.
ATHLETES’ VILLAGE
The Athletes’ Village occupies some prime real estate overlooking Tokyo Bay with a view of the city skyline and its famous Rainbow Bridge.
Postponement would mean delaying the renovation process and huge uncertainty for the investors.
According to the website of the Harumi Flag developers, some 4,145 units were to be put up for sale. Viewings and sales of a first batch of 940 apartments began in summer 2019 and the vast majority have already been snapped up, according to Japanese media.
HOTELS
The hotel industry would also face huge uncertainty. Before the coronavirus hit, there was a possible dearth of hotel rooms, but the accommodations have been block-booked in advance for many months. Many have paid a large deposit in advance and could face losing this, in addition to having to re-book quickly for a postponed date.
