Lausanne, Switzerland, May 14, 2020: The IOC anticipates that it will have to bear costs of up to 800 million USD for its part in the rearranged Tokyo Olympic Games in 2021.
This figure is comprised of 650 million USD in organisational costs and an aid package of up to 150 million USD for the Olympic Movement, including the International Federations (IFs), the National Olympic Committees (NOCs) and the IOC-Recognised Organisations.
The IOC Executive Board (EB) approved this financial plan during a remote meeting on Thursday, May 14.
IOC President Thomas Bach commented: “The Olympic Movement is facing an unprecedented challenge. The IOC has to organise postponed Olympic Games for the first time ever and has to help its stakeholders come through this global crisis.
“This new situation will need all our solidarity, creativity, determination and flexibility. We shall all need to make sacrifices and compromises. Extraordinary circumstances call for extraordinary measures. This situation requires every one of us to do our part - and this applies to all of us, including the IOC. With today’s financial plans, we are addressing these needs.”
In other news from the EB meeting:
*The IOC will launch a review of the schedule of the IOC Athletes’ Commission election with a view to holding the election at the Tokyo Olympics in 2021. The terms of the IOC AC members that would have ended this summer will be extended for one year.
*The 136th IOC Session will be held virtually on July 17 and live-streamed for anyone who wants to follow the meeting.
*The next remote EB meetings are scheduled for June 10, July 15 and July 22, with the last one to follow up on the results of the IOC Session.
Source: www.olympic.org