LAUSANNE: The International Olympic Committee expects to bear costs of up to $800 million for its part in the organisation of the postponed Tokyo 2020 Olympics, now due to be staged next year, IOC president Thomas Bach said yesterday.
In March, the International Olympic Committee and the Japanese government decided to delay the Games, which were due to start this July, for a year because of the coronavirus pandemic.
“We anticipate we will have to bear costs of up to $800m for our part and responsibilities in the organisation of the postponed Games Tokyo 2020,” Bach told a conference call at the end of the IOC’s executive board meeting.
He said out of the amount that would be set aside $650m would go towards the organisation of the Games next year and $150m to support international federations and National Olympic Committees.
International federations rely on the Olympic Games contribution every four years, and with a ban on sports competitions worldwide all of their major sources of revenue have dried up in recent months.
Consequences
“We are discussing with international federations the consequences of the postponement... and the postponement of the share of the international federations from the commercial success of the Games,” Bach said.
“We are very well advanced in these discussions and we will continue to assist,” he said.
The figure announced by Bach does not include any costs Tokyo Games organisers and the Japanese government have to incur due to the 12-month delay of the world’s biggest multi-sports event.
“We are assessing and continue to discuss jointly the respective impact caused by the postponement,” he said. “What you have seen today, this envelope of $800m, is the assessment for the IOC side.”