The Olympic games initially was to hold this year but due to the pandemic it has been postponed till 2021.
The International Olympic Committee has said it will bear at least $800m in cost as part of their responsibilities for next year’s Olympics.
IOC President Thomas Bach gave assurance on Thursday at the IOC’s Executive board meeting
“We anticipate we will have to bear costs of up to $800m for our part and responsibilities in the organisation of the postponed Games Tokyo 2020.”
Giving a breakdown of how the money will be spent, Bach said $650 million would go towards the organisation of the Games next year while $150 million to support international federations and National Olympic Committees.
International federations receive grants for the Olympic games every four years but with the recent ban on sporting activities because of COVID-19, revenue source have dried up.
According to Bach, the IOC is looking to assists all international federations
“We are discussing with international federations the consequences of the postponementand the postponement of the share of the international federations from the commercial success of the Games.”
“We are very well advanced in these discussions and we will continue to assist”.