Preparations for the Tokyo 2020 Olympics sank deeper into trouble yesterday when the president of Toyota abruptly stepped down from the games’ main organising committee.
The resignation of Akio Toyoda, whose company has taken an unprecedented $1bn marketing bet on becoming one of the biggest corporate sponsors of the Olympics, followed renewed speculation the cost of hosting the event in Tokyo may spiral to over six times the original Y300bn ($2.5bn) estimate.
The claims of the spiralling costs were first reported by Japan’s public broadcaster NHK at the weekend and if true would make the Tokyo Olympics even more expensive than the ￡8.77bn cost of hosting the London 2012 games.
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