Japan PM Apologizes for Tokyo 2020 Stadium Fiasco

(ATR) Shinzo Abe apologizes to the Japanese people for wasting millions of dollars of taxpayers’ money on the abandoned Olympic Stadium project.

In July, Abe ordered original plans for the 80,000-seat stadium to be ripped up due to rocketing costs. The $2.5 billion retractable roof arena would have become the most expensive sports venue in the world.

"As a result of the decision to go back to the drawing board, precious public funds have been spent," Abe told parliament on Monday, according to AFP."I apologize deeply to the people of Japan."

"We will fulfill our responsibilities by making sure the Olympics are a success," he added.

Last week, Tokyo 2020 president Yoshiro Mori gave his "sincerest apologies" about the scrapped stadium plans to the IOC in presentations to the Executive Board and the Session in Kuala Lumpur last week. The stadium construction costs have nearly doubled since original plans for the project emerged in 2010.

"If we go over budget, even if the Games are a success, it will not be considered a success by the people," Mori said in his remarks.

The IOC is supporting the review of new Olympic stadium plans for Tokyo 2020.

"The IOC does not insist on the construction of the most expensive stadium in the world," IOC president Thomas Bach told Mori in explaining why no apologies are needed for the decision.

Olympics minister Toshiaki Endo chairs a panel responsible for coming up with a new showpiece stadium to be built on the site of the 1964 Olympic Stadium.

Bach said the IOC is offering help in putting the tender together to ensure all Olympic requirements are taken into consideration "and there are no surprises in a year or half a year neither for the government or IOC."

On Monday, Yamato Holdings became the latest Tokyo 2020 sponsor, in the category of "Logistics Services."

The Tokyo Olympics now has a total of 17 partners. Yamato Holdings is one of four in the second tier of its sponsorship program.

Reported by Mark Bisson

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