The International Olympic Committee Executive Committee met virtually yesterday and heard insight into the potential ultimate cost of rescheduling the Tokyo Olympic and Paralympic Games.

While Japan will pay the bulk of the costs of rescheduling the games 12 months on from their original dates, the IOC share of the bill is expected to be €650 million.

This will be topped up by a further €150 million that has been set aside as an aid package for National Olympic Committees and International Federations.

The meeting also heard an update on the likely deferral of payments from sponsors on the TOP Olympic Partnership Programme.

Toyota and AirBnB were cited as two of the 14 partners who are going through a particularly torrid time in the throes of the global shutdown though others like Procter and Gamble have experienced a significant uplift in business.

The programme is understood to have been worth an estimated €1.85 billion in the current cycle of rights and while some payments may be rescheduled it is not believed that any of the partners have given notice of wishing to exit their contracts.

The programme includes 14 international corporates including Bridgestone, Coca Cola, Dow, GE, Samsung, Toyota, Visa, Procter and Gamble, Intel, Omega, Panasonic, AirBnB, Atos and Alibaba.

Allianz is expected to join the list in the next Olympic Cycle.

“The Olympic Movement is facing an unprecedented challenge,” said IOC President Thomas Bach.

“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.”

“With today’s financial plans, we are addressing these needs.”

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