IOC to bear up to $800 mil. to tackle virus impact

May 15, 2020

IOC to bear up to $800 mil. to tackle virus impact

Tokyo (Japan), May 15: The head of the International Olympic Committee says it expects to bear costs of up to 800 million dollars for the postponed Tokyo Games and other reasons to address the impact of the coronavirus.
IOC President Thomas Bach unveiled the estimate after the committee's Executive Board met online on Thursday.
Bach said the IOC will spend up to 650 million dollars for the Tokyo Olympics and up to 150 million dollars to support international federations, national Olympic committees, and other IOC-recognized organizations.
Regarding additional expenses for the postponed Tokyo Games, Bach said, "We are leaving no stone reduce the cost while maintaining the spirit of the Games and the quality of the sports competition."
It is unclear how much the additional expenses will total. But some estimates show they could amount to several billion dollars.
The head of the Tokyo Olympics and Paralympics organizing committee, Mori Yoshiro, indicated he would ask the IOC to shoulder its share of the financial burden.
The IOC board meeting was the first of its kind since the new date for the Tokyo Games was announced in late March.
The Tokyo Olympics will run for 17 days from July 23, 2021. The Paralympics will continue for 13 days from August 24 of the same year.
Source: NHK World