Japan's Olympics minister said on Tuesday that Tokyo's contract with the IOC allows it to postpone the games until the end of the year.
Passengers wear protective face masks as they arrive from Shenzhen to Hong Kong at Lo Wu MTR station, hours before the closing of the Lo Wu border crossing in Hong Kong, on February 3, 2020, amid an outbreak of a deadly SARS-like virus which began in the Chinese city of Wuhan. / AFP / Anthony WALLACE
But Japan’s Olympics minister said on Tuesday that Tokyo’s contract with the IOC allows it to postpone the games until the end of the year. Organisers say the national government will have paid some 150 billion yen – mainly for funding a new national stadium. The IOC takes out about $800 million of protection for each Summer Olympics, which covers most of the roughly $1 billion investment it makes in each host city. Insurance sources estimated it would pay a premium of about 2% to 3%, giving a bill of up to $24 million to insure the Tokyo event.
During a recent call with investors, Gunnar Wiedenfels, Discovery’s chief financial officer, suggested a cancelled Olympics was “not going to have any adverse impact on our financials”, Variety reported, adding executives said the company had insurance to safeguard its investment.
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