Tokyo: The Tokyo 2020 organising committee announced on Thursday that all 68 domestic companies have decided to extend their sponsorship deals after reaching a "basic agreement".

In a statement, the organisers said that they are proceeding with the conclusion of contracts with all sponsors based on the agreement, reports Xinhua news agency.

Tokyo 2020 president Yoshiro Mori is thrilled with the progress and has expressed his gratitude to all the sponsors.

"In the midst of this year's hardships, we believe that it is because of the immense and varied support from our top partners as well as our domestic partners that we have been able to face forward and continue preparations for the games."

Mori, a former Japanese Prime Minister, has promised that the postponed games will be held as rescheduled.

"We believe that holding the Olympic and Paralympic Games next summer will serve as proof that humankind has overcome the pandemic. As we move into next year, we will continue to prepare for games fit for a post-corona world with the support and encouragement of everyone involved," Mori said.

Tokyo 2020's domestic sponsorship program has generated a record $3.3 billion in revenue, with top-tier gold partners including the likes of Canon, NEC and Asahi Breweries.