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Tokyo organizers face more cost increases for 2020 Olympics

TOKYO -- While Rio Olympic organizers are under immense pressure to finish preparations before Aug. 5, their Tokyo counterparts are already facing skyrocketing costs for an event four years away.

Tokyo 2020 organizing committee president Yoshiro Mori acknowledged at an executive board meeting this week the cost of building seven temporary venues for the Olympics has surged to an estimated $2.6 billion, up from an initial estimate of $690 million.

Mori said the original figures were the result of sloppy calculations that he blamed on the Tokyo metropolitan government and the Japanese Olympic Committee.

The organizing committee hasn't disclosed an official estimate of the overall costs but has acknowledged it will be considerably higher than the $3.5 billion that was forecast in the bid.