No clarity on how cost of postponing Olympics will be shared with Japan - IOC

The International Olympic Committee says the financial impact of postponing the Summer Games by a year is still being worked out, noting that Japan and the IOC were responsible for their respective share of the costs in line with their contract.

In a statement updated on April 20th, the IOC said that Japanese Prime Minister Shinzo Abe agreed that “Japan will continue to cover the costs it would have done under the terms of the existing agreement for 2020, and the IOC will continue to be responsible for its share of the costs.

The International Olympic Committee says for them, it is already clear that this amounts to several hundred millions of dollars of additional costs.

Earlier, Kyodo news agency reported that Abe had agreed that Japan would shoulder the cost, which Kyodo said amounted to around $3 billion.

[Source: Reuters]