TOKYO: Companies sponsoring the Tokyo Olympics are poised to continue supporting the games following a decision on the postponement of the event due to the coronavirus pandemic.

Still, a large amount of work awaits them, including negotiations for extending their sponsorship contracts. "It would be unavoidable for us to shoulder additional costs," an official at a sponsor company said.

The International Olympic Committee decided Tuesday to put off the Tokyo Olympics, originally scheduled this summer, by about one year, after telephone talks between IOC President Thomas Bach and Japanese officials including Prime Minister Shinzo Abe on the day.

Dozens of Japanese and foreign companies serve as sponsors of the Olympics, including the 14 top-tier "worldwide Olympic partners," such as Toyota Motor Corp., Panasonic Corp. and Coca-Cola Co.

An official of Japan Airlines, an "official" partner, said, "We will continue preparing for the games." A senior official at another sponsor firm said, "We hope to keep making contributions so that the Olympics will be held in an environment safe for athletes and all other parties concerned."

"The worst scenario of the games being canceled has been avoided," a business leader said, taking the postponement on a positive note.

With the sponsorship contracts slated to expire at the end of December this year in principle, except for the 14 top-tier sponsors, negotiations for extension are seen beginning in earnest from now.

"We can't say anything at this stage," the business leader said about the possibility of sponsor firms facing the need to pay additional contract fees.

Meanwhile, an official at major confectionery maker Meiji Co., a "gold" partner, which has been selling chocolates and other related products, sounded cautious.

"The postponement may have a huge impact on our business, including the timing for product launches."

An official at another sponsor firm also showed concerns, saying, "Our in-house department for the Tokyo Olympics and Paralympics needs to be kept intact for more time, and the move will affect company-wide personnel allocation."

JIJI Press