IOC set for $800m bill from postponed Tokyo Olympics
The International Olympic Committee has for the first time outlined the costs it will bear for the one year postponement of the Tokyo 2020 Olympic Games, yesterday announcing a bill of up to $800 million.
The IOC and the Japanese government decided in March to delay the Olympics by 12 months because of the coronavirus pandemic, and IOC president Thomas Bach has until now only warned of “several hundred million dollars” of costs.
However, in a media conference call yesterday following an online IOC executive board meeting, Bach said: “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.”
Some $650 million will 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 - some significantly so.
Bach continued: “We are discussing with international federations the consequences of the postponement... and the postponement of the share of the international federations from the commercial success of the games. We are very well advanced in these discussions and we will continue to assist.”
The figure unveiled by the IOC does not include any costs incurred by the Tokyo 2020 organisers and the Japanese government.
Reports in Japan have estimated the delay as adding around $2.8 billion to the games’ original budget of $12.6 billion.