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International Games
Thursday, May 14, 2020
IOC Set Aside Funds for Postponed Tokyo 2020

The International Olympic Committee (IOC) expects the postponement of the Tokyo 2020 Olympic Games to cost the organisation $800 million, $150 million of which will form an "aid package" for the Olympic Movement.

IOC President Thomas Bach announced the figure following a remote meeting of the ruling Executive Board today.

It is the first time the IOC has publicly revealed the extent of the additional costs it expects to bear for its part in organising the rescheduled Games.

The $150 million has been set aside for International Federations (IFs) and National Olympic Committees (NOCs), but it is not clear how they can apply for the funding or whether there is a cap on the amount they can receive.

IFs in particular have been left counting the cost of the postponement of Tokyo 2020 because of the coronavirus pandemic, and the money is set to plug the financial hole created by the absence of their share of the Olympic revenue that they would have received from the IOC after the Games.

Bach confirmed the IOC would still consider advance payments to IFs and the aid package did not mean it would now reject requests for assistance, adding discussions with some Federations over financial support were at an advanced stage.

IFs based in Switzerland are also able to apply for repayable loans as part of a joint IOC and Swiss Government support programme, in addition to the funding approved by the IOC Executive Board today, Bach said.

The scheme, designed to mitigate the financial impact of the pandemic on the organisations, will be funded equally by the IOC and the Swiss Government, who will each provide 50 per cent of the loans.
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