The International Olympic Committee (IOC) expects the postponement of the Tokyo 2020 Olympic Games to cost the organisation $800 million (£656 million/€741 million), $150 million (£123 million/€139 million) of which will form an “aid package” for the Olympic Movement.
IOC President Thomas Bach announced the figure following a remote meeting of the ruling Executive Board today.
It is the first time the IOC has publicly revealed the extent of the additional costs it expects to bear for its part in organising the rescheduled Games.
The $150 million has been set aside to provide financial assistance to International Federations (IFs) and National Olympic Committees (NOCs), including loans and advance payments.
IFs in particular have been left counting the cost of the postponement of Tokyo 2020 because of the coronavirus pandemic, and the money is set to plug the financial hole created by the absence of their share of the Olympic revenue that they would have received from the IOC after the Games.
Bach confirmed the IOC would still consider advance payments to IFs and the aid package did not mean it would now reject requests for assistance, adding discussions with some Federations over financial support were at an advanced stage.
Read the full story at Inside the Games.