Tokyo Olympics organizers say cost of Games will be higher than expected
- 8 years ago
The head of Toyota Motor Corp. stepped down Monday as vice-president of the organizing committee for the 2020 Tokyo Olympics as organizers acknowledged the cost of hosting the games will be far higher than originally thought.
The committee said that Akio Toyoda is expected to be replaced by the president of Panasonic, Kazuhiro Tsuga.
Organizers said Toyoda may have been concerned about serving on both committees, as the Olympic body is seeking support from the business community.
Toyota Motor is a major sponsor of the Olympics.
“Mr. Toyoda might have tried to sort out his roles,” Tokyo organizing committee CEO Toshiro Muto told reporters.
Also Monday, Muto said the cost of the games will be much higher than the original estimate of just over 300 billion yen ($3.4 billion), though he did not give a specific figure.
The committee said that Akio Toyoda is expected to be replaced by the president of Panasonic, Kazuhiro Tsuga.
Organizers said Toyoda may have been concerned about serving on both committees, as the Olympic body is seeking support from the business community.
Toyota Motor is a major sponsor of the Olympics.
“Mr. Toyoda might have tried to sort out his roles,” Tokyo organizing committee CEO Toshiro Muto told reporters.
Also Monday, Muto said the cost of the games will be much higher than the original estimate of just over 300 billion yen ($3.4 billion), though he did not give a specific figure.