The organising committee for the Tokyo 2020 summer Olympic and Paralympic Games will look to settle its budget between Y1.6tr (€13bn/$13.6bn) and Y1.8tr, according to the Kyodo news agency.
Kyodo, citing sources familiar with the matter, reported that the revised figure would be proposed at the next meeting of a four-party working group designed to address cost-cutting measures on Wednesday.
The working group comprises representatives from the International Olympic Committee (IOC), Tokyo and Japanese governments, and the Games organising committee.
According to Kyodo, the central, Tokyo metropolitan and other government bodies will be asked to provide between Y1.11tr and Y1.34tr. Tokyo 2020 had originally set aside a budget of Y734bn when securing the Games in 2013, although this figure did not include transport and security costs.
Last month it emerged that the organising committee was seeking to settle its overall budget at about Y2tr – Y1tr less than the projected figure released earlier in November by the Tokyo metropolitan government.
IOC vice-president John Coates last month said the Y2tr figure was still too high and maintained that the Games could be delivered for much less. Coates said at the time that the IOC had not agreed to that budget and insisted that “significant savings” could be found.
The latest figures come after Tokyo Governor Yuriko Koike confirmed last week that a new volleyball arena would be constructed for the Games. The new Ariake Arena had been part of the original plans for the Games but the project had been plunged into doubt, with alternative options having been explored in a bid to cut costs.
However, Koike said on Friday that a formal proposal to build the Ariake Arena would be submitted for approval at Wednesday’s working group meeting. Tokyo 2020 is yet to disclose an official budget for the Games and this is expected to be released by the end of the year.