A pedestrian walks near a Tokyo 2020 Olympic Games countdown display in Shimbashi district of Tokyo, Japan, March 24, 2020. (Xinhua/Du Xiaoyi)
International Olympic Committee (IOC) is expected to spend up to 800 million U.S. dollars for extra costs arising from the one-year postponement of the Tokyo Olympics.
Japan's prime minister Shinzo Abe announced in March that the showpiece event will be delayed until 2021 "to ensure that the athletes are in peak condition when they compete and to guarantee the safety of the spectators," sparking devastating financial repercussions on both the Japanese government and the IOC.
"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," IOC president Thomas Bach said on Thursday.
"We anticipate we will have to bear costs of up to 800 million U.S. dollars for our part and responsibilities in the organization of the postponed Games Tokyo 2020," he added.
Bach revealed that a sum of 650 million U.S. dollars will be available for the IOC's share of organizing the postponed Olympics amid the COVID-19 crisis. The remaining 150 million U.S. dollars is set to be split into loans for international sports federations and national Olympic committees.
A detailed breakdown of how the funds could be allocated will be confirmed in the coming months, according to IOC chief operating officer Lana Haddad.
"The situation requires compromises, it requires sacrifices by everybody. We are leaving no stone unturned to reduce the costs while maintaining the spirit of the Games and the quality of the sports competition for the athletes in particular," observed Bach.
There has been widespread speculation that the Tokyo Games could face further delay if the coronavirus pandemic remains a threat next year, but Bach refused to be involved in this discussion.
"We are one year and two months away, so it's way too early to draw any conclusions. We should not perhaps fuel any speculation on any future developments now," he said.
