IOC: Postponing Olympics will cost $800M
The IOC set aside $800 million on Thursday for loans and payments arising from the pandemic that forced the 2020 Tokyo Olympics to be postponed. It is still unclear how big the total postponement bill will be with organizers and public authorities in Japan facing extra costs estimated to run into billions of dollars.
“We anticipate that we will have to bear costs of up to $800 million for our part of the responsibilities for the organization of the games,” International Olympic Committee president Thomas Bach said.
A sum of $150 million will be available to make loans to sports governing bodies and more than 200 eligible national Olympic committees. They have cash flow issues while unable to organize events and were due to get payments this year for the Tokyo Games, which are now scheduled to open in July 2021.
The loan program is being run with Switzerland’s federal government, which announced aid Wednesday for Olympic sports federations based in the country. The IOC will put up half the money for those loans, and federal and state authorities provide 25% each.
A detailed breakdown of how the remaining $650 million could be allocated will be formulated in the months ahead, IOC chief operating officer Lana Haddad said. The IOC had revenue of $5.7 billion from the 2013-16 Olympic cycle. That figure would likely have approached $7 billion for the next four-year period tied to the Tokyo Games.
SPORTS BRIEFS
PGA Championship to return to Quail Hollow
The PGA Championship will return to Quail Hollow Club in Charlotte, North Carolina, in May 2025, the PGA of America announced Thursday. The exact dates of the tournament were not released.
Quail Hollow hosted the PGA Championship in 2017, when a 24-year-old Justin Thomas defeated Francesco Molinari, Louis Oosthuizen and Patrick Reed by two shots to claim his first major championship. The announcement comes on the same day that Thomas was revealed as making the cover of the “PGA Tour 2K21” video game. PGA officials raved about the 2017 event and strongly hinted at the time they’d like to see the PGA Championship return to Charlotte due to strong attendance numbers.
“The PGA of America is proud to return the PGA Championship to Quail Hollow and the wonderful host city of Charlotte,” PGA of America President Suzy Whaley said in a news release. “Quail Hollow’s course has a well-earned reputation as a stern test for the world’s finest players, but what sets the club apart is its membership and the welcoming atmosphere that they promote. The state of North Carolina’s appreciation for the game and major championship golf is remarkable.”
Quail Hollow, designed by noted golf course architect George Cobb, opened in 1961. It will become the first course in North Carolina to host multiple PGA Championships.
Akron drops 3 sports in cost-cutting move
With its athletic budget being stretched and future funding uncertain, Akron dropped three sports on Thursday in a move necessitated by the COVID-19 pandemic.
The Ohio school announced it will discontinue men’s cross-country and golf and women’s tennis at the end of the academic year. Akron plans to reduce financial support to the athletic department by approximately 23% ($4.4 million), painful actions necessitated by the virus outbreak.
“These decisions are very difficult but they are important and necessary at this time,” Akron athletic director Larry Williams said.
“This action aligns us with our Mid-american Conference peers in the total number of sports and is part of the ongoing effort to redesign the University to ensure that UA continues to invest in high-demand, high-quality academic programs.
“This is a difficult day for all of us,” Williams continued.
“We have dedicated student-athletes, coaches and athletics staff who have embraced being a Zip and make tremendous contributions to campus life in class, in competition and in our greater community.”
Akron’s decision will likely be followed by other schools trying to stay afloat financially during the pandemic.
—Wire Reports