Lausanne (Switzerland): The International Olympic Committee (IOC) said on Thursday it had created a fund of $800 million to tackle the financial hardships created by the coronavirus pandemic which has forced the postponement of this year’s Tokyo Olympics until 2021.
IOC president Thomas Bach said the body had released “an envelope of up to $800 million to address the financial consequences of this COVID-19 crisis”
The envelope has two parts: $650m (602 million euros) which “refers to the cost of organisation” of the postponed Games; and $150m as an aid package for the Olympic movement, in particular international federations and Olympic committees.
This year’s Olympic Games were scheduled for July 24-August 9 this year, but was called off on March 24 due to coronavirus outbreak.
The Olympic Games has suffered political boycotts (Moscow 1980) and terrorism (Munich 1972), but has only ever been cancelled due to outbreaks of war.
The postponed Olympics will retain the name “Tokyo 2020” despite being held next year, the city’s governor said Tuesday.
“The name will remain Tokyo 2020,” Tokyo governor Yuriko Koike had told reporters in March after Japan’s prime minister said he agreed a year’s delay with the head of the IOC because of the pandemic.
“First, no cancellation has been confirmed. It’s clear. And a goal — by summer in 2021 — has become concrete. It’s also a very concrete guide for athletes as well. I think it’s a big thing.” Koike said.
