Postponing Tokyo Games costly to IOC
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.
Those organizations also depend on significant payments received from the IOC at the time of each Olympics.
The Summer Games, originally scheduled to begin in late July, have been pushed back to almost the same time in 2021. There has been concern about whether some Tokyo venues, including the athletes' village and temporary structures, will still be available at the later date.
"This new situation will need all our solidarity, creativity, determination and flexibility." Bach said.