IOC looking at 'several hundred million dollars of additional costs' after postponement of Tokyo Olympics: Thomas Bach

After postponing the 2020 Tokyo Olympics to the year 2021, the International Olympic Committee (IOC) had said there would be ‘extreme ramifications' for rescheduling the Games. Now, president of the committee Thomas Bach has said that IOC is preparing to spend several hundred million dollars in additional cost following the postponement of the 2020 Tokyo Olympics.

Bach stated that it was “impossible to say” exactly how much the rescheduling of the Games will cost while adding that Japan will continue to cover the costs under terms of existing agreement whereas IOC will be responsible for its share of costs. The financial ramifications were discussed with Japanese Prime Minister Shinzo Abe before the postponement of the quadrennial event was announced in March 2020.,

“We agreed with the prime minister that Japan will continue to cover the costs it would have done under the terms of the existing agreement for 2020, and the IOC will continue to be responsible for its share of the costs,” Bach told a German daily.

“For us, the IOC, it is already clear that we shall be faced with several hundred million dollars of additional costs,” he added.

The IOC president further clarified that “cancellation was not really an option for anyone involved in the decision” while adding the postponement call was “not a decision the IOC could take on its own.”