Tokyo 2020: IOC sets aside $800m Olympics fund for delayed Games

IOC President Thomas Bach says there will have to be cuts

The International Olympic Committee has set aside $ 800 million (£ 654 million) to help with the "severe" financial impact caused by the postponement of Tokyo 2020.

Organizers will receive $ 650 million after this summer The games were postponed for a year because of the Covid-19 pandemic.

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The other $ 150 million is to be divided into loans to international sports federations and national Olympic committees with cash flow problems.

IOC President Thomas Bach also said there would be cuts.

"The situation demands compromises, it demands sacrifices from everyone," said the German.

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"We are not leaving stone unturned to reduce costs, maintaining the spirit of the Games and the quality of sports competition for athletes in particular."

Bach declined to speculate whether there would be more delay or cancellation if the vaccine for Covid-19 is not found before next year's event, which is expected to take place from July 23 to August 8.

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"We are a year and two months from now, so it is too early to draw conclusions," he said.

Olympic Games executive director Christophe Dubi described the work to secure competition venues, the athletes' village, media facilities and hotels as "extremely difficult", but said he was "making good progress".

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