The tentacles of canceling the Tokyo Olympics would reach into every corner of the globe
Tokyo is officially spending $12.6 billion to organize the Olympics, although a national government audit office says it’s at least twice that much. The local organizing committee budget of $5.6 billion is private money, with the rest coming from Japanese taxpayers. About $1 billion in the local operating budget is to come from ticket sales, which would be lost if the games go ahead without fans in empty stadiums.
“But virtually none of it would have made the list of the priority public investments,” he said in an email to the AP, adding that if the games were canceled, much of the investment would be “wasted.” For most people, the new coronavirus causes only mild or moderate symptoms. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.
NBC parent company Comcast said that because of insurance and the way contracts are written, NBC won’t suffer losses if the Olympics are canceled. But Comcast CEO Brian Roberts said the company would miss out on ad-driven profits, which were $250 million for the 2016 Rio Olympics. The ad profits for 2020 are expected to be larger.
Chase, a partner in the law firm Frankfurt Kurnit, said many such contracts would have “force majeure” or “changed circumstances” clauses that spell out unforeseeable conditions that keep a contract from being fulfilled; these act as a defense for non-performance by either party, but in this case, more likely the event producer.
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