Tokyo Olympics: IOC announces £650m package to cover costs
Last Updated: 15/05/20 7:07am
The International Olympic Committee has announced a funding package of $800m (£657m) to cover the costs of the postponed Tokyo Games.
The package, approved by the IOC's executive board, comprises $650m (£533m) for organisational concerns, and $150m (£123m) to support international federations and national Olympic committees.
In March, the IOC and the Japanese government decided to delay the Games, due to start this July, for a year due to the coronavirus pandemic.
IOC president Thomas Bach said: "We anticipate that we will have to bear costs of up to $800 million for our part of the responsibilities for the organisation of the Games.
"This amount will be covered by the IOC itself, including any funding we may have to refer to from the Olympic Foundation."
The figure announced by Bach does not include any costs Tokyo Games organisers and the Japanese government have to incur by the 12-month delay of the world's biggest multi-sports event.
Bach declined to speculate on a possible new delay if the virus is still a major concern next year.
"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," he said.
"We are one year and two months away from the opening of these postponed Olympic games. We should not fuel any speculation on any future development."
Four million people have been infected and close to 300,000 have died from the disease globally.
More than 90 vaccines are currently being developed globally, with eight in the clinical trial phase. But experts say the process could take years and may not happen at all.