Beating out fellow finalists Madrid and Istanbul, the IOC today announced that Tokyo will host the 2020 Summer Olympics.
Tokyo’s bid came in at $5 billion to $6 billion, compared to $19 billion pledged by Istanbul, said Ed Hula, editor and founder of aroundtherings.com, which covers the business and politics of the Olympic movement. But Tokyo’s government has already amassed a $4.9 billion Olympic fund to pay to prepare for the Games, Hula said. And a $1 billion national stadium that will be used for the athletic events and the Opening Ceremonies will already have been built for the rugby World Cup in 2017 and is not considered an Olympic expense. Turkey would have been the first Muslim country to host the Games, and with a median age of less than 30 years, one of the youngest. However, it missed out for the fifth time.