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Postponing Tokyo Games will cost IOC as much as $800 million

International Olympic Committee leaders now say that postponing the Tokyo Games because of the coronavirus outbreak will cost their organization as much as $800 million. IOC President Thomas Bach offered the detailed estimate of added expenses after a remote meeting of his executive board on Thursday. “The Olympic movement is facing an unprecedented challenge,” Bach said in a statement. “We shall all need to make sacrifices and compromises. ”The IOC’s announced total does not include costs incurred by organizers in Tokyo, who could see their budget swell by an estimated $2 billion to $6 billion. The $800 million does take into account $150 million earmarked for national Olympic committees and the international federations that govern each sport, many of which have suffered losses because of canceled or postponed events.

Read more at:
https://www.latimes.com/sports/olympics/story/2020-05-14/tokyo-games-coronavirus-postponement-cost-800-million

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