IOC Distributes $100M Relief Funding

15 International Sporting Federations including World Rugby, World Athletics and World Rowing have been provided with loans that amount to an aggregate $63 million by the International Olympic Committee.
The funding is part of a financial mitigation package which the IOC announced in May was to be made available to assist sporting bodies and National Olympic Committees with additional costs arising out of the postponement of the Olympic Games to 2021.
$37 million has been drawn down by National Olympic Committees to date.

“The IOC, as the leader of the Olympic Movement, is playing a critical role in supporting its stakeholders during the COVID-19 outbreak. The organisation has swiftly delivered on its commitment to allocate an aid package programme for the Olympic Movement,” said IOC President Thomas Bach, pictured above chairing the hybrid executive meeting that took place yesterday.

“The Olympic Movement is facing an unprecedented challenge. The IOC has to organise postponed Olympic Games for the first time ever, and has to help its stakeholders come through this global crisis. This new situation will need all our solidarity, creativity, determination and flexibility.”

“We shall all need to make sacrifices and compromises. Extraordinary circumstances call for extraordinary measures. This situation requires every one of us to do our part, and this applies to all of us, including the IOC. We are glad to be able to help with our support programmes.”

The international federations that have received loans in full are:

International Basketball Federation, International Golf Federation, International Gymnastics Federation, International Hockey Federation, International Judo Federation, International Modern Pentathlon Union, International Swimming Federation, International Tennis Federation, Union Cycliste Internationale, World Archery, World Athletics, World Rowing, World Rugby, World Sailing, World Taekwondo

A further five federations, all of whom are about to come onto the Olympic programme have been given a donation.

They are:

International Federation of Sport Climbing, International Surfing Association, World Baseball Softball Confederation, World Karate Federation,World Skate

All the 2017-2020 programmes and budgets with a direct link to Olympic Games preparation and participation have been extended to the Olympic Games in 2021.

They include:

– Tokyo 2020 Olympic scholarships for athletes

Support for more than 1,600 athletes currently benefiting from a Tokyo 2020 Olympic scholarship will continue without interruption until August 2021 for a total cost of USD 15 million, subject to the programme guidelines.

– Team support grants

Additional support can be requested for teams currently benefiting from this programme who have qualified or can still qualify for the Games in Tokyo through participation in specific competitions.

– Refugee athlete support

Support to refugee athlete scholarship-holders will continue without interruption until August 2021, in accordance with the programme guidelines.

– IOC subsidies for NOC participation in the Olympic Games

To meet the specific needs relating to NOC costs incurred due to the postponement of Tokyo 2020, Olympic Solidarity has increased the total budget allocated to the IOC subsidies for NOC participation in the Olympic Games Tokyo 2020 from USD 46.7 million to USD 57 million.

Similar Articles