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Thu, July 16, 2020

IOC announces it has supported International Federations with around $100million since the start of the Covid-19 pandemic

IOC announces it has supported International Federations with around $100million since the start of the Covid-19 pandemic

The International Olympic Committee (IOC) has revealed that it has so far supported International Federations (IFs) and National Olympic Committee’s (NOCs) with around $100million since the outbreak of Covid-19.

To date $63million has been allocated to IFs and $37million to NOCs in order to provide support during these challenging times and has also confirmed that the total amount provided will top $150million by the end of 2020. Some IFs including World Rugby and the International Tennis Federation have received loans from the IOC whilst IFs such as World Karate Federation have received a donation from the IOC.

The funds have been provided to IFs and NOCs so that their long term future can be stabilised as they have suffered large cash flow problems from the suspension and postponement of sport across the world, such as the 2020 Tokyo Olympics being postponed until 2021. The IOC also announced that it is providing assistance to athletes through scholarships and grants which allow athletes to maintain their income whilst competition is suspended meaning that they are not receiving prize money, which many athletes heavily rely on.

The IOC has also recently confirmed its commitment to staging the Tokyo Olympics in 2021 and will take all necessary measures to avoid a further postponement or cancelling the games.

You can read the IOC media release here.

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