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		</div><p>The International Olympic Committee is braced for a financial hit of 800 million US dollars as a consequence of the decision to delay the Tokyo Games until 2021.</p>
<p>IOC president Thomas Bach said its executive committees has approved the sum to cover the costs of reorganisation and to support individual sports federations and national Olympic committees.</p>
<p>Bach said in a conference call: <i>“We anticipate that we will have to bear costs of up to 800 million US dollars for our part of the responsibilities for the organisation of the Games.</i></p>
<p><i>“This amount will be covered by the IOC itself, including any funding we may have to refer to from the Olympic Foundation.”</i></p>
<p>The sum will be split into two parts, with the bigger slice of 650 million US dollars to help reorganising costs, and the remaining 150 US dollars as an <i>“aid package”</i> for those elements of the Olympic movement affected by the postponement.</p>
<p>Bach added: <i>“This crisis has very severe financial impacts for the world and society and Governments, and for the entire Olympic movement.</i></p>
<p><i>“In this respect we have been discussing this financial impact today. You can imagine that this is not very easy because of all the uncertainties you have – nobody knows what the world looks like tomorrow.”</i></p>
<p>Bach refused to engage in speculation over any further postponement, saying the IOC has <i>“full engagement”</i> in the revised dates, and remains reliant on the advice of the World Health Organisation.</p>
<p>Bach added that the IOC would focus on adopting a more “<i>frugal</i>” approach towards the reorganised Games, in order to reflect the shifting global financial conditions.</p>
<p><i>“There are no taboos,”</i> added Bach. <i>“Everything is being discussed and everything is on the table, and this includes the service levels for all the stakeholders of the Olympic movement.</i></p>
<p><i>“Society will be more concentrated on essentials and maybe not so much any more the nice-to-have things in society, and all this will be reflected in the organising of this postponed Olympic Games.</i></p>
<p><i>“We want this Olympic Games to be a frugal Games, concentrating on the essentials and the spirit and message… is about the athletes and the sporting excellence.</i></p>
<p><i>“It is about bringing the entire world together and it will be a special situation, and also a message of solidarity in the world in addressing and overcoming this corona crisis.”</i></p>
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