IOC expects costs of up to $800 mln for delayed Tokyo Games

Video Credit: Reuters - Sports
Published on May 14, 2020 - Duration: 03:34s

IOC expects costs of up to $800 mln for delayed Tokyo Games

IOC President Thomas Bach says $150 mln will go towards supporting international federations and National Olympic Committees.

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IOC expects costs of up to $800 mln for delayed Tokyo Games

SHOWS: LAUSANNE, SWITZERLAND (MAY 14, 2020) (IOC VNR - NO RESALES.

EDITORIAL USE ONLY.) 1.

IOC PRESIDENT THOMAS BACH AT IOC EXECUTIVE BOARD MEETING WITH OLYMPIC GAMES EXECUTIVE DIRECTOR CHRISTOPHE DUBI (RIGHT) AND IOC CHIEF OPERATING OFFICER LANA HADDAD (LEFT) 2.

(SOUNDBITE) (English) IOC PRESIDENT, THOMAS BACH, SAYING: "This crisis has a very severe financial effect on the world, on society, on governments and so of course also on the Olympic Games, the entire Olympic Movement and in particular the IOC in this respect.

So, we have been discussing this effect, this financial impact today.

You can imagine that this is not easy because planning in these days is so difficult because of all the uncertainties you have.

Nobody knows how the world looks like tomorrow.

So, we had an assessment there of all these financial impacts and we were thinking there then, the formation of an envelope, to create an envelope, because you cannot put a number to a development, you are not sure whether this is happening.

This is a very incremental planning procedure.

So then, as a result of all these deliberations, the IOC Executive Board has today approved an envelope of up to 800 million U.S. dollars to address the financial consequences of this COVID-19 crisis.

We anticipate that we will have to bear costs of up to 800 million U.S. dollars for our part of the responsibilities for the organisation of the Games.

And this amount will be covered by the IOC itself, of course including any funding that we may have to refer to from the Olympic Foundation." 3.

WHITE FLASH 4.

(SOUNDBITE) (English) IOC PRESIDENT, THOMAS BACH, SAYING: "This 800 million (U.S. dollars) consists of two major parts.

There is one part of 650 million, which refers to the costs for the organisation of the postponed Olympic Games for the IOC and an aid package of up to 150 million for the Olympic Movement.

In particular, the International Federations, the National Olympic Committees and the IOC-recognised entities to enable them to continue their sports, to continue their activities and to continue their support to their athletes." STORY: The International Olympic Committee expects to bear costs of up to $800 million for its part in the organisation of the postponed Tokyo 2020 Olympics, now due to be staged next year, IOC President Thomas Bach said on Thursday (May 14).

In March, the International Olympic Committee and the Japanese government decided to delay the Games, which were due to start this July, for a year because of the coronavirus pandemic that has killed 300,000 people worldwide.

"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.

He said out of the amount that would be set aside $650 million would go towards the organisation of the Games next year and $150 million to support international federations and National Olympic Committees.

International federations rely on the Olympic Games contribution every four years, and with a ban on sports competitions worldwide all of their major sources of revenue have dried up in recent months.

The figure announced by Bach does not include any costs Tokyo Games organisers and the Japanese government have to incur due to the 12-month delay of the world's biggest multi-sports event.

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

(Production: Stefan Haskins)

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