The International Olympic Committee plans to spend up to $800 million to help cover the costs of postponing the Tokyo 2020 Summer Olympics and other expenses stemming from the COVID-19 pandemic.
"We shall all need to make sacrifices and compromises" to put on the Tokyo 2020 Olympics, IOC President Thomas Bach says, announcing funding to help keep the delayed games on track. The Olympic rings, the Rainbow Bridge and the Tokyo Tower are seen in Tokyo Friday night.Charly Triballeau/AFP via Getty Images
The Tokyo Olympics, which are now set to begin in July 2021, pose an unprecedented challenge to the international Olympics movement, organizers in Japan and thousands of athletes around the world. And it will be an expensive problem to solve, Olympics officials say. The IOC announced the financial plan after Bach hosted an online meeting of the IOC's executive board from Lausanne, Switzerland.
. He later added,"To the question of how is this $650 million to be spent, this is not clear at this point either."
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