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Tokyo ready to proceed with $1.3-billion Olympic Stadium

Tokyo ready to proceed with $1.3-billion Olympic Stadium
Heavy machinery sits last summer at the planned construction site of the Tokyo Olympics stadium. (Franck Robichon / EPA)

The stop-and-go effort to build an Olympic stadium for the 2020 Tokyo Games appears to be back on track.

The city's government has reportedly agreed to contribute a quarter of the estimated $1.3 billion required to construct the venue. The remainder of the bill would be paid by the national government and Japan's sports council.

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The issue of finances — always central to hosting the Olympics — has been especially worrisome over the past year.

Hamburg, Germany, dropped out of the 2024 race Sunday when a slim majority of voters opposed the bid. Previously, numerous candidates had withdrawn from the 2022 Winter Games host competition.

Los Angeles remains one of four cities vying for the 2024 Summer Games.

Organizers have proposed a budget that could exceed $6 billion but project that revenues will more than cover costs. Their plan calls for saving money by refurbishing the Coliseum — which hosted the Games in 1932 and 1984 — instead of building a new stadium.

For Tokyo, this is the second attempt at a centerpiece for its Olympics.

Last summer, organizers scrapped plans for a stadium designed by award-winning architect Zaha Hadid as construction estimates ballooned to $2 billion.

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