IOC approves financial assistance of up to USD 800 mn for postponed Tokyo Olympics

Lausanne [Switzerland], May 15 (ANI): The International Olympic Committee (IOC) anticipates that it will have to bear costs of up to USD 800 million for its part of the responsibilities for the organisation of the Tokyo Olympics, 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.
"This number includes the cost for the organisation of the postponed Games of up to USD 650 million for the IOC, and an aid package of up to USD 150 million for the Olympic Movement, including the International Federations (IFs), the National Olympic Committees (NOCs) and the IOC-Recognised Organisations, to enable them to continue their sports, their activities and their support to their athletes. Today, the IOC Executive Board (EB) approved this financial plan," IOC said in a statement.
The IOC, as the leader of the Olympic Movement, is playing a critical role in supporting its stakeholders during the COVID-19 outbreak. This funding is meant to help them continue their mission to develop their sports, prepare for the Olympic Games and support their athletes. The IOC and its stakeholders are still going through the analysis process to assess the needs on a case-by-case basis.
Additionally, the Swiss Federal Council agreed to offer support to the Switzerland-based IFs in a joint programme with the IOC.
It was previously announced that Olympic Solidarity has increased the budget for its athlete programmes by USD 15 million, which covers scholarships for over 1,600 athletes from 185 NOCs and the IOC Refugee Olympic Team.
Olympic Solidarity had also increased the budget for IOC subsidies for the participation of NOCs in the Olympic Games by USD 10.3 million. This additional budget will allow Olympic Solidarity to make available additional funds relating to exceptional Games-related costs incurred by NOCs due to the postponement of the Olympic Games Tokyo 2020.
IOC President Thomas Bach said that during the unprecedented times of the pandemic all have to show solidarity, creativity, determination and flexibility to conduct the Games in 2021.
"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," Bach said.
"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," he added.
The Tokyo Olympics 2020 will commence from July 23 to August 8 next year while the Paralympics Games will be held from August 24 to September 5, 2021. (ANI)