Postponement of Tokyo Games will cost the IOC at least £650million

The International Olympic Committee is braced for a financial hit of 800 million US dollars (£650m) as a consequence of the decision to delay the Tokyo Games until 2021.

IOC president Thomas Bach said its executive committees has approved the sum to cover the costs of reorganisation and to support individual sports federations and national Olympic committees.

Bach said in a conference call: "We anticipate that we will have to bear costs of up to 800 million US dollars for our part of the responsibilities for the organisation of the Games."