“We Will Have To Bear Costs Of Up To $800 million For Postponed Tokyo Olympics”, says IOC President


“We Will Have To Bear Costs Of Up To $800 million For Postponed Tokyo Olympics”, says IOC President

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On Thursday, the International Olympic Committee (IOC) President Thomas Bach said that the IOC expects to bear costs of up to $800 million for the next year postponed 2020 Tokyo Olympics.

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All the sports event has been cancelled or postponed due to coronavirus pandemic, including the world biggest multi sport event Olympic. For the first time Olympic games are postponed. The Japanese government and IOC Committee decided to postpone this year Tokyo games for next year.

“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.

IOC President said out of $800 million, $650 million will go towards the organisation of Games next year and $150 million will go to support international federation and National Olympic Committees.

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“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.

Bach announced the figure does not include any costs to the organizers of the Tokyo Games and provoke the Japanese government to delay 12 months of the Tokyo Olympic.

“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 $800 million, is the assessment for the IOC side.

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“This discussion with the (Tokyo Games) organising committee will continue in the way we have agreed.”

Last month, the IOC was forced to remove a comment from its website that following the objection of the sports organiser, was sent to Japanese Prime Minister Shinzo Abe discussing the costs for the postponement.

“This is not an easy undertaking. Our Japanese friends are working with full force on this,” he said.

Bach declined to speculate on a possible new delay to the Games if the coronavirus is still a major concern next year.

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Bach said that the IOC was working on the success of Tokyo 2021 and to conduct this Games in a safe environment for all the participants.

“We are now working with full engagement for the success of Tokyo 2020 in 2021 and to have these Games in a safe environment for all participants,” Bach said.