Tokyo 2020: IOC sets aside $800m Olympics fund for delayed Games

IOC president Thomas Bach says there will have to be cutbacks

The International Olympic Committee has set aside $800m (£654m) to help with the "severe" financial impact caused by the postponement of the Tokyo 2020.

Organisers will get $650m after this summer's Games were postponed by a year because of the Covid-19 pandemic.

The other $150m is set to be split into loans for international sports federations and national Olympic committees with cash flow problems.

IOC president Thomas Bach also said there would be cutbacks.

"The situation requires compromises, it requires sacrifices by everybody," said the German.

"We are leaving no stone unturned to reduce the costs while maintaining the spirit of the Games and the quality of the sports competition for the athletes in particular."

Bach refused to speculate on whether there would be a further delay or cancellation if a vaccine for Covid-19 is not found before next year's event, which is due to run from 23 July to 8 August.

"We are one year and two months away, so it's way too early to draw any conclusions," he said.

The executive director of the Olympic Games, Christophe Dubi, described the work to secure competition venues, the athletes' village, media facilities and hotels as "extremely difficult", but said that it was "progressing well".