Officials estimate 2020 Olympics to cost $16.9 billion

The latest price tag for the 2020 Tokyo Olympics has been trimmed slightly, but is still nearly twice the initial estimate even after a major cost-cutting effort.

The organizers said today that the event will cost a total 1.35 trillion yen (NZ$16.9 billion).

In their release, Tokyo 2020 officials said the cost would be $17.95 billion. But at the current exchange rate of about 113 yen to the dollar it is just under $17.1 billion.

When Tokyo won the Olympics in September 2013, its bid was for 730 billion yen. That ballooned to over 3 trillion yen but was slashed to 1.4 trillion yen after Tokyo Gov. Yuriko Koike launched a cost cutting campaign.

Organizers have managed to cut still more from the estimated cost by moving some events outside of Tokyo and using existing and temporary facilities.

Tokyo's games won't be the priciest ever: the 2012 London Olympics cost $27 billion, compared with the bid estimate of $9.2 billion.

Cities tend to exclude large amounts of associated costs when they submit a bid to host the Olympics. Such bids usually include only core components such as the main facilities so that the bids are easier to compare. Building design, security measures, transportation and other costs are largely excluded.

Thomas Bach, who took over as IOC president in 2013, has sought to slash costs to entice cities to bid for future Games and minimize damage to the Olympic brand. The IOC has urged Tokyo to cut $1.42 billion more.

The addition of five new sports after Tokyo pushed the tab up, but one of the biggest factors is rising construction costs.

The budget figure announced today does not include a contingency fund of between 100 billion-300 billion yen ($1.2 billion-$3.7 billion).

A cost-allocation agreement calls for the city of Tokyo and the Tokyo 2020 organizing committee to pay 600 billion yen ($7.7 billion) each. The central government will contribute 150 billion yen ($1.9 billion).

The remaining 35 billion yen ($450 million) will be covered by lottery revenues, officials said.

July 23, 2016 file photo, a representation of the Olympic rings are displayed in the Olympic Village in Rio de Janeiro, Brazil. Athletes increasingly are using apps like Tinder as they look to have fun and escape the pressures of competition inside the Olympic Village. (AP Photo/Leo Correa, File)
Olympic rings displayed in Olympic Village in Rio de Janeiro, Brazil. Source: Associated Press



Watch: MLB batter mortified after bat slips out of hands, flies into crowd and hits fan

MLB slugger Devon Travis was left visibly shaken in his game yesterday after an at-bat went horribly wrong and his bat hit a fan in the forehead.

Travis was batting in the eighth innings for the Blue Jays in their contest against the Red Sox when his bat slipped out of his hands on a big swing.

The bat managed to clear the netting which stretches down the baseline at Fenway Park in Boston, soaring nearly 15 rows into the crowd before it hit a fan.

Security rushed to the injured fan's aid with towels and a stretcher while also taking the bat away.

The injured supporter managed to stand on his own though, pumping his left fist to thank the crowd as he received a huge cheer.

Travis' night got worse with the Blue Jays going down to the Red Sox 1-0, giving the Boston franchise their 100th win of the season.


Topics


'He's a little dog' - Kiwi UFC fighter Mark Hunt unloads verbal tirade on 'weak minded' drug cheat Fabricio Werdrum

New Zealand mixed martial arts veteran Mark Hunt has unleashed a tirade of verbal assaults at former UFC heavyweight champion Fabricio Werdum ahead of his bout at UFC Fight Night in Russia.

Hunt is headlining the UFC event at Moscow's Olympic Stadium, set to fight Alexei Oleinik on Sunday (NZ time).

He told media he was excited to fight in Russia and was extra pleased to fight someone close to his age.

"He's a clean fighter, so it's great,” said Hunt.

The 44-year-old has had a long battle against performance enhancing drugs after facing a rivals who had failed tests, namely former champion Brock Lesnar.

Hunt unloaded a war of words on Werdum after he was handed a two-year suspension by the US Anti-Doping Agency.

"I'm glad that Fabricio Werdum got caught, that little b****," said Hunt.

"Go back to the favelas. F*** you, you little c***. Good job. He was supposed to be here, but that's what you get for being weak. That's what you get, Fabricio, for being a weak-minded person. See you later."

Mark Hunt v Fabricio Werdum Source: Associated Press

Werdum was meant to face Oleinik in Russia but was withdrawn after an out-of-competition test conducted in April showed the steroid trenbolone and metabolite epitrenbolone in his sample.

Hunt has fought several fighters who have failed drug tests - Lesnar, Frank Mir and Antonio "Bigfoot" Silva.

His UFC 180 fight with Werdum is topical, with the Brazilian fighter going on to win the UFC's interim heavyweight belt and then going on to beat Cain Velasquez for the undisputed heavyweight title.

"I had to lose 21 kilograms in three and a half weeks to make that a title fight," Hunt said.

"I got kneed in the head by that little cheater. Then he beats Cain in Mexico. That really upsets me about that guy.

"Then he wouldn't fight me – he's just a cheating little b***, man. He's a little dog, that guy. See you later, Fabricio. Enjoy, mother f*****.”

Hunt has a MMA record of 13 wins 12 losses and 1 draw with eight wins in the UFC, six losses and one no contest bout.


Topics

TODAY'S
FEATURED STORIES

404

Error 404

Guru Meditation:

XID: 636051537


Varnish cache server


New Kiwi baseball team attempting to lure young Black Sox softball star

The manager of New Zealand's first professional baseball team is trying to lure one of the country's best softball players back to the other side.

Steve Mintz is in the country ahead of trials for the Auckland Tuatara in three main centres this weekend and says they want Pita Rona there.

“I reached out to him and he showed some interest,” Mintz told 1 NEWS.

“We’re hoping he comes out and we’ll see what he’s got.”

Rona was tipped for big things in baseball after signing a contract with the Baltimore Orioles but he was released after two years in 2014.

The 24-year-old recently arrived back in New Zealand after touring Europe with the World Champion Black Sox where he helped the side win the Intercontinental Cup in Prague.

The Auckland Tuatara have invited Pita Rona to trials this weekend. Source: 1 NEWS


Topics