The International Olympic Committee (IOC) has anticipated that it would have to bear costs of up to $800 million for its part of the responsibilities for the organisation of the Olympic Games Tokyo 2020.
This is its own extended operations and the support for the wider Olympic Movement.
According to a statement from the committee, the amount will be covered by the IOC itself, including any funding from the Olympic Foundation.
The statement added that the IOC Executive Board (EB) approved this financial plan on Friday.
”This number includes the cost for the organisation of the postponed Games of up to $650 million for the IOC, and an aid package of up to $150 million for the Olympic Movement, including the International Federations (IFs) and the National Olympic Committees (NOCs).
“Including the IOC-Recognised Organisations, to enable them to continue their sports, their activities and their support to their athletes,” the statement read.
It added that the IOC was undergoing a deep analysis process to evaluate and assess the impact of COVID-19 crisis on all of its operations.
”This is a complex exercise because of the constantly changing factors which have to be considered in the current environment.
”The IOC, as the leader of the Olympic Movement, is playing a critical role in supporting its stakeholders during the COVID-19 outbreak.”
It added that the IOC has also put together an aid package of up to USD 150 million, from which the IFs, NOCs and IOC-Recognised Organisations can benefit to stand in solidarity with the Olympic Movement.
”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,” the statement read.
It, however, quoted IOC President, Thomas Bach thanking the Swiss Federal Council who agreed on Thursday to offer support to the Switzerland-based IFs in a joint programme with the IOC.
”The IOC thanks the Swiss Federal Council for the offer to support the International Federations jointly with the IOC.
”We are fully committed to successfully delivering this International Sports Federation support programme in cooperation with the Swiss authorities.
”This initiative is a great acknowledgement of the importance of the International Sports Federations and sports,” Bach said.
China replies to Trump’s threat to cut off ties, urges cooperation
China and the U.S. are better off cooperating to end the pandemic for the sake of reviving economy and rebooting industrial production, Chinese Foreign Ministry spokesman Zhao Lijian said on Friday.
Zhao said this at a media briefing while commenting on U.S. President Donald Trump’s warning that bilateral ties might be halted over Beijing’s alleged responsibility for unleashing the coronavirus.
On Thursday, Trump said in an interview with Fox News that the U.S. might cut all ties with China in light of Beijing’s coronavirus-related policies.
“The stable development of U.S.-Chinese relations is in fundamental interest of people from both countries and is also favourable for global peace and stability.
“China and the United States should now strengthen cooperation in combating the COVID-19 epidemic in order to defeat the coronavirus as soon as possible, cure patients, resume production, and develop the economy,” the spokesman said.
Trump has repeatedly claimed, although with no evidence provided, that the virus that caused deaths, lockdowns, and economic standstill all around the world had in fact been developed in a lab in Wuhan, a Chinese city in the Hubei province from where the first reports of an abnormal respiratory disease came last December.
The U.S. president has threatened China with consequences if its responsibility for unleashing the virus gets proven.
Asked by the host on Thursday to comment on a statement by one of the U.S. senators that the U.S. could stop issuing visas to Chinese students in retaliation, Trump said that his country could possibly go as far as cutting all bilateral ties altogether.
China has so far consistently denied the accusations, stressing that its policies were transparent throughout the outbreak.