- ARAB NEWS
- 25 Apr 2024
Since 1975
LAUSANNE: The International Olympic Committee said Thursday it had created a fund of $800 million to tackle the financial hardships created by the coronavirus pandemic which has forced the postponement of this year's Tokyo Olympics until 2021.
IOC president Thomas Bach said the body had released "an envelope of up to $800 million to address the financial consequences of this COVID-19 crisis"
The envelope has two parts: $650m (602 million euros) which "refers to the cost of organisation" of the postponed Games; and $150m as an aid package for the Olympic movement, in particular international federations and Olympic committees.
AFP
