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Postponement of Olympics to cost IOC up to $800 million

Postponement of Olympics to cost IOC up to $800 million

 

Published in The Nation on May 15th, 2020, Amraiz Khan and Talha Makhdoom

The International Olympic Committee (IOC) expects to bear costs of up to $800 million for its part in organizing the 2020 Tokyo Olympics, which were rescheduled to 2021 due to the novel coronavirus.

”The International Olympic Committee anticipates that it will have to bear costs of up to $800 million for its part of the responsibilities for the organization of the Olympic Games Tokyo 2020, its own extended operations and the support for the wider Olympic movement. This amount will be covered by the IOC itself, including any funding from the Olympic foundation,” the organization said Thursday.

 

”At the moment, the IOC is undergoing a deep analysis process to evaluate and assess the impact of the COVID-19 crisis on all of its operations. This is a complex exercise because of the constantly changing factors which have to be considered in the current environment.”

On March 30, the Tokyo 2020 Olympics was postponed for a year and will be held between July 23 and Aug. 8, 2021.

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