Geneva, May 15: The International Olympic Committee (IOC) is preparing for a finacial hit of $800 million following the decision to postpone the Tokyo Olympics until 2021 stated the IOC president Thomas Bach. This came after a virtual conference was held of the IOC's executive board that was the first online meeting since the announcement was made to reschdule the Tokyo Games to July 23, 2021.
“We anticipate we will have to bear costs of up to $800 million 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."
This came after a virtual conference was held of the IOC's executive board that was the first since the opening date for the Tokyo Games was rescheduled to July 23, 2021. Bach further stated that the whole amount will be covered by the IOC itself including any funding if they may have to refer to from the Olympic Foundation.
The cost will be divided into two parts, with $650 million to reorganizing the postponed Olympics, and the remaining $150 million to aid international federations and national Olympic committees and other recognized agencies.
However, Bach said the concerns due to coronavirus pandemic still lies in front of them as it can still affect the Olympics in terms of costs as well as it may impact Olympics in the future post the COVID-19 world. "Nobody knows what the world looks like tomorrow," Bach said. "You can't put a number on something you don't know is going to happen."
Worring about the severe financial consequences Bach added, "This crisis has very severe financial impacts for the world and society and Governments, and for the entire Olympic movement. In this respect we have been discussing this financial impact today. You can imagine that this is not very easy because of all the uncertainties you have – nobody knows what the world looks like tomorrow."
Earler, in March, the IOC after facing pressure from various National Olympic Committee and rise in the corona cases across the world h to postpone the Tokyo Olympics 2020 until 2021. Within few days after the announcement, it decided to commence the Games exactly after a year from 23 July 2021 to 8 August 2021 while the Paralympic Games will begin from 24 August 2021 till 5 September 2021.