IOC says postponing Tokyo Olympics will cost it $800M

Associated Press

5 years ago

A woman pauses for photos next to the Olympic rings near the New National Stadium in Tokyo, Monday, March 23, 2020. The IOC will take up to four weeks to consider postponing the Tokyo Olympics amid mounting criticism of its handling of the coronavirus crisis that now includes a call for delay from the leader of track and field, the biggest sport at the games. (AP Photo/Jae C. Hong)

GENEVA (AP) — The IOC has set aside $800 million for loans and payments arising from the pandemic that forced the 2020 Tokyo Olympics to be postponed.

It is still unclear how big the total postponement bill will be with Olympic organizers and public authorities in Japan facing extra costs estimated to run into billions for the one-year postponement.

A sum of $150 million is for loans to sports governing bodies and more than 200 eligible national Olympic committees.

They have cash flow issues while waiting for a revenue share from the Tokyo Games.

The IOC is working on how to allocate the other $650 million.