The International Olympic Committee announced in a statement that the Olympic Games will take place “no later than the summer of 2021.”
The decision was made by the IOC President, Thomas Bach, after a phone conversation with Japanese Prime Minister Shinzo Abe.
The postponement will incur costs to the Organizing Committee and the Japanese government estimated at $5.8 billion by international economic agencies. The outright cancellation of the event would have brought the cost to $10 billion.
“It is a wise decision, inevitable given the global health situation now,” commented CNOSF President Denis Masseglia.
