The International Olympic creates a fund to tackle the financial difficulties caused by Corona


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Lausanne (Switzerland) (AFP)

The International Olympic Committee (IOC) created a $ 800 million fund Thursday to tackle the financial difficulties caused by the new epidemic of the Corona virus, which has postponed the Olympic Games in Tokyo this year until the summer of 2021.

German Thomas Bach, chairman of the committee, noted that it issued a “financial portfolio of up to $ 800 million to address the financial consequences of the Covid-19 crisis.”

“We expect to bear costs that could amount to 800 million dollars, which is our share of the organization of the Olympics,” he said.

The portfolio is divided into two parts: the $ 650 million that “indicates the cost of organizing” the Olympic Games deferred. And $ 150 million in aid packages for the Olympic Movement, especially international federations and Olympic committees.

Bach said that the epidemic that claimed the lives of nearly 300,000 people worldwide had had “a very severe financial impact … on the Olympic Games, the entire Olympic Movement and the International Olympic Committee.”

“Today we discussed these financial consequences, and this financial impact. You can imagine that this is not easy because planning these days is very difficult because of all the doubts that you have (…) Nobody knows what the world will look like tomorrow, it is a planning procedure Very gradual. ”

The International Olympic Committee, which has a reserve of approximately one billion dollars, took a historic decision last March to postpone the Olympics, which was scheduled to start on July 24 and continue until August 9, until the period between July 23 and August 8 2021.

The delay affects all aspects of the organization – the Olympic Village, hotels, tickets, stadiums, and transportation, as it causes a lot of insomnia.

No speculation

According to the latest budget, the Olympics would have cost $ 12.6 billion, to be shared by the Organizing Committee, the Government of Japan and the city of Tokyo.

Bach had warned last month that the delay would cost the International Olympic Committee “hundreds of millions of dollars,” adding that the committee “will continue to bear its share of the workload and the cost of the postponed games, according to the terms of the current contract for the year 2020 that we concluded with our Japanese partners and friends,” but it will have to Most likely to make cuts.

“This situation requires compromises and sacrifices from everyone. Therefore, the International Olympic Committee and the Organizing Committee are in close contact with this joint task force, and we leave nothing in our power in this regard to reduce costs while maintaining the spirit of the games and the quality of sports competition and athletes,” Bach said. In particular, of course. ”

“Everything is under discussion, and everything is on the table,” he added.

Bach was quick to put an end to the rumors that the postponed Olympic Games could be transferred to another country depending on how the “Coved-19” was pervasive, “We are now working at our fullest potential for the success of Tokyo 2020 from July 23, 2021 … and to be Competitions in a safe environment for all participants in Tokyo next year. ”

“We are a year and two months away from these deferred Olympic Games. Perhaps we should not stoke any speculation about any future developments now.”

The International Olympic Committee also agreed to hold the next Executive Board meeting on July 17, 2020.


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