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COVID-19: IOC to bear $800m cost of Tokyo 2020 postponement

Tokyo Olympics

Tokyo Olympics

By Bushrah Yusuf-Badmus

The International Olympic Committee (IOC) has anticipated that it would have to bear costs of up to $800 million for its part of the responsibilities for the organisation of the Olympic Games Tokyo 2020.

This is its own extended operations and the support for the wider Olympic Movement.

According to a statement from the committee, the amount will be covered by the IOC itself, including any funding from the Olympic Foundation.

The statement added that the IOC Executive Board (EB) approved this financial plan on Friday.

”This number includes the cost for the organisation of the postponed Games of up to $650 million for the IOC, and an aid package of up to $150 million for the Olympic Movement, including the International Federations (IFs) and the National Olympic Committees (NOCs).

“Including the IOC-Recognised Organisations, to enable them to continue their sports, their activities and their support to their athletes,” the statement read.

It added that the IOC was undergoing a deep analysis process to evaluate and assess the impact of COVID-19 crisis on all of its operations.

”This is a complex exercise because of the constantly changing factors which have to be considered in the current environment.

”The IOC, as the leader of the Olympic Movement, is playing a critical role in supporting its stakeholders during the COVID-19 outbreak.”

It added that the IOC has also put together an aid package of up to USD 150 million, from which the IFs, NOCs and IOC-Recognised Organisations can benefit to stand in solidarity with the Olympic Movement.

”This funding is meant to help them continue their mission to develop their sports, prepare for the Olympic Games and support their athletes.

”The IOC and its stakeholders are still going through the analysis process to assess the needs on a case-by-case basis,” the statement read.

It, however, quoted IOC President, Thomas Bach thanking the Swiss Federal Council who agreed on Thursday to offer support to the Switzerland-based IFs in a joint programme with the IOC.

”The IOC thanks the Swiss Federal Council for the offer to support the International Federations jointly with the IOC.

”We are fully committed to successfully delivering this International Sports Federation support programme in cooperation with the Swiss authorities.

”This initiative is a great acknowledgement of the importance of the International Sports Federations and sports,” Bach said. (NAN)

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Posted by on May 18 2020. Filed under Headlines, Soccer, Sports, Track & Field. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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