Organizers of the 2020 Tokyo Olympics say they’re having no problems raising cash.
International Olympic Committee member John Coates, head of the IOC coordination commission for Tokyo, says local organizers have raised $2.9 billion in national sponsorship money.
He provided the update to about 100 IOC committee members gathered in Pyeongchang for meetings prior to the games there, which start Friday.
Coates called the money-raising effort “extraordinarily successful.” He says Tokyo now has 47 local sponsors, and this excludes long-term IOC sponsors like Bridgestone, Panasonic and Toyota.
The sponsorship money will help fund the $5.5 billion local operating budget, which Coates says is not expected to need public money.
The total cost of preparing the games is about $20 billion, with the rest of the money coming for the city of Tokyo and the national government.
The Pyeongchang Winter Olympics open in two days, but the issue of which Russians are in — and which are out — is dominating the agenda of IOC President Thomas Bach.
As Bach presides Wednesday over meetings with roughly 100 IOC members, the Court of Arbitration for Sport — sport’s top legal body — is expected to decide appeals by 32 Russian athletes seeking spots in the Games.
The 32 failed to pass mandatory International Olympic Committee vetting, imposed as a result of Russian doping at the 2014 Sochi Olympics.
The International Olympic Committee expects 168 Russian athletes to compete under the neutral banner of “Olympic Athletes From Russia.” Hundreds more have been barred, and many have gone to court seeking entry and causing last-minute chaos.