TOKYO (Bloomberg): As the International Olympic Committee looks ahead to the Summer Games with trepidation, it does have something that could cushion the blow in case of cancellation: a US$897 million reserve fund to help finance global sports.
It’s an improbable scenario, but one drawing more consideration as the coronavirus continues to spread around the world. A number of global sporting events and Olympic qualifiers have been cancelled, and many are now wondering how the outbreak might effect the 2020 Summer Games in Tokyo, scheduled to start at the end of July.
“It’s a significant number, and would keep all the balls in the air if we actually missed a games, ” Pound said in an interview. On Tuesday, the committee sent an updated email to its teams advising them on the latest virus fallout, including event cancellations in both Italy and Iran and strict travel recommendations.
The IOC made US$5.7 billion in its last four-year Olympic cycle, which included the 2016 Summer Games in Rio de Janeiro and the 2018 Winter Games in PyeongChang, South Korea. Of that total, 73 per cent came from broadcast rights and 18 per cent from top-level sponsors.
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