The Tokyo Olympics are already the most expensive Summer Games on record with costs set to go higher, a wide-ranging study from Britain’s University of Oxford indicates.

The Tokyo cost overrun already exceeds 200%, lead author Bent Flyvbjerg explained in an interview with The Associated Press. This is even before several billion more dollars are added on from the one-year delay from the COVID-19 pandemic.

Flyvbjerg is an economist at Oxford’s Said Business School. His entire study is available here, and it’s set to be published on Sept. 15 in the journal “Environment and Planning A: Economy and Space.” It’s titled “Regression to the Tail: Why the Olympics Blow Up.”

Tokyo, postponed until July 23, 2021, is only a small part of the focus. The study — the third in a series following editions 2012 and 2016 — looks at Olympic costs since 1960 and finds they keep increasing despite claims by the International Olympic Committee that costs are being cut.

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