May 15 (UPI) — The International Olympic Committee announced Thursday that it anticipates it will bear $800 million in expenses following the postponement of the 2020 Tokyo Games.
The IOC said the figure includes $650 million in costs for the organization of the event originally planned for this summer as well as a $150 million aid package to allow various Olympic organizations to continue their sports and activities, and support their athletes.
“The Olympic Movement is facing an unprecedented challenge. The IOC has to organize postponed Olympic Games for the first time ever and has to help its stakeholders come through this global crisis,” IOC President Thomas Bach said.
The IOC said the $150 million aid package will be used to allow the International Federations, the National Olympic Committees and other IOC-Recognized Organizations “to continue their mission to develop their sports, prepare for the Olympic Games and support their athletes.”
Additionally, the Swiss Federal Council agreed to offer support to International Federations based in Switzerland alongside 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 program in cooperation with the Swiss authorities,” Bach said.
The IOC delayed the Summer Games earlier this year in response to the COVID-19 pandemic. The Olympics are now scheduled to take place in Tokyo starting July 23, 2021.
The Games were initially scheduled to begin this July, but the spread of the novel coronavirus led to a global suspension of sporting events.