The IOC said the figure includes $650 million in costs for the organization of the event originally planned for this summer as well as a $150 million aid package to allow various Olympic organizations to continue their sports and activities and support their athletes.
“The Olympic Movement is facing an unprecedented challenge. The IOC has to organize postponed Olympic Games for the first time ever and has to help its stakeholders come through this global crisis,” IOC President Thomas Bach said.
The IOC said the $150 million aid package will be used to allow the International Federations, the National Olympic Committees and other IOC-Recognized Organizations “to continue their mission to develop their sports, prepare for the Olympic Games and support their athletes.”
Additionally, the Swiss Federal Council agreed to offer support to International Federations based in Switzerland alongside 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 program in cooperation with the Swiss authorities,” Bach said.
The Games were initially scheduled to begin this July, but the spread of the novel coronavirus led to a global suspension of sporting events.
Reporting by Daniel Uria
more recommended stories
- NFL clubs approve rules and bylaws changes
NEW YORK (Heartland Newsfeed) — There.
- AEW Dynamite: Mike Tyson confronts Chris Jericho
JACKSONVILLE, Fla. (UPI) — Boxing great.
- NASCAR: Alsco Uniforms 500 moved to Thursday night
CHARLOTTE, N.C. (UPI) — Hard rain.
- Three sports activities you probably didn’t consider
There are so many sports choices.