The International Olympic Committee expects to bear costs of up to US$800 million (NZ$1.33b) for its part in the Tokyo Olympics postponement.
In March, the IOC and Japanese government agreed to delay the Games, due to start this July, due to the coronavirus pandemic.
"We anticipate we will have to bear costs of up to $US800 million for our part and responsibilities in the organisation of the postponed Games Tokyo 2020," says IOC president Thomas Bach
He says US$650m (NZ$1b) would go towards the organisation of the Games next year, and US$150m (NZ$250m) to support international federations and national Olympic committees.
The figure announced by Bach does not include any costs Tokyo Games organisers and the Japanese government have to incur by the 12-month delay of the world's biggest sports event.
Bach has declined to speculate on a possible new delay, if the virus is still a major concern next year.
"We are now working with full engagement for the success of Tokyo 2020 in 2021 and to have these Games in a safe environment for all participants," he says.
"We are one year and two months away from the opening of these postponed Olympic Games. We should not fuel any speculation on any future development."
Reuters
