International Olympic Committee (IOC) member Dick Pound told USA Today: “On the basis of the information the IOC has, postponement has been decided. The parameters going forward have not been determined, but the Games are not going to start on 24 July, that much I know.”
The IOC added that it would take four weeks to release any further information, noting that the postponement itself would require great effort and have ‘immense ramifications’.
International media organisation Reuters reported in February that the IOC takes out approximately US$800 million of insurance protection for each Summer Games, covering most of the roughly $1 billion investment it makes in host cities. As such, the IOC carries insurance against postponement and cancellation – allegedly the IOC would have paid a premium of around two or three per cent for this, costing around $24 million.