The International Olympic Committee (IOC) noted today that it has already provided $100 million of financial support to sports federations and National Olympic Committees – in part, a response to an economist who says the IOC should pay for half the costs incurred when the 2020 Tokyo Olympics were postponed to 2021.
Andrew Zimbalist is an economics professor at Smith College with an emphasis on sports business. Zimbalist told Japan’s Kyodo News this week that the IOC should cover half the costs of postponing the Olympics, saying that payment would be consistent with the IOC’s organizing responsibilities.
“The IOC likes to say it is a partner of Tokyo 2020,” he wrote in an email to Kyodo. “So, if the added costs are $3 billion, I think the IOC should cover $1.5 billion.”
The 2020 Tokyo Olympics were postponed one calendar year due to the worldwide coronavirus pandemic.
In a press release today, the IOC said it has already allocated $63 million to sports federations (IFs, or “international federations”) and $37 million to National Olympic Committees (or NOCs) for a total of $100 million in aid so far.
“The Olympic Movement is facing an unprecedented challenge,” said IOC President Thomas Bach in the press release. “We shall all need to make sacrifices and compromises. Extraordinary circumstances call for extraordinary measures. This situation requires every one of us to do our part, and this applies to all of us, including the IOC. We are glad to be able to help with our support programmes.”
The release lists 15 sports federations that have received loans from the IOC – that includes FINA, the international governing body for swimming. (An Inside the Games report this week said FINA was projecting its 2020 budget deficit to be between $10.4 million and $20.8 million). Five more sports federations received grants – those are the five new Olympic sports that don’t yet participate in revenue distribution from the Olympic Games.