This archive report was first published on 14 May 2020.
On May 14, 2020, the International Olympic Committee (IOC) announced the creation of a Ksh 85 billion ($800 million) fund to address the financial consequences of the coronavirus pandemic.
According to IOC President Thomas Bach, the fund has two parts: $650 million for the organisation of the postponed Games and up to $150 million as an aid package for the Olympic movement.
The IOC has approximately $1 billion in reserves and had taken the historic decision to postpone the Games in March. The postponement affects every aspect of the organisation, including the Olympic Athletes' Village, hotels, ticketing, venues, and transport.
Bach warned that the postponement would cost the IOC 'several hundred million dollars' and that the body would have to make cuts. However, he emphasized that the IOC and the organising committee are working closely with a joint taskforce to reduce costs while maintaining the spirit of the Games.
Despite rumors of a possible move to another country, Bach stated that the IOC is committed to holding the Games in Tokyo in 2021, saying 'We are now working with full engagement on the success of Tokyo 2020 starting on July 23, 2021.'
