The organizing committee of the 2020 Tokyo Olympic and Paralympic Games plans to cap ticket prices at 300,000 yen ($2,720) while setting a minimum ticket price of 2,000 yen ($18), sources familiar with the matter said late Monday evening.

According to the sources, the highest-priced tickets are for the Olympic Games opening ceremony. The most expensive ticket for a sporting event is expected to be 130,000 yen ($1,180) for athletics.

The prices will be officially released after approval by the International Olympic Committee Executive Board in July.

According to the initial plan, the cap was expected to be 288,000 yen with a minimum price of 2,600 yen, in line with prices at the 2012 London Olympics.

But after several participants at a ticket sales strategy meeting last month suggested that the price range be broadened in order to accommodate different types of guests, organizers decided to set a higher price cap and lower minimum price.

Other than general admission tickets, organizers are planning group discounts for schools and municipalities as well as VIP tickets with perks including food and beverage services.

Tickets are scheduled to go on sale in the spring of 2019.