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At a recent interview with Nintendo's new president, Satoru Iwata, it was announced that they offered Sega Corporation 409,920,000,000 Japanese Yen ($3.5 billion) to become an exclusive second party. Sega chairman, Isao Okawa, stated that the company had been in a "financial hole" ever since the downfall of the Saturn and the company's current earnings are not enough to make up for the money lost. Okawa also stated that the deal will not take effect until September of 2003, so current fans with only an Xbox or PS2 won't have to worry for a while.