Canceling any sporting event is never an easy decision to make. At risk are millions of dollars in losses, and changing schedules has implications that reach well beyond the sports contests themselves. However, the coronavirus has upended the entire sports world and 
forced the entire industry to alter its plans. Some segments may have an easier time adjusting due to the pandemic, but the International Olympic Committee (IOC) is facing a monumental task. Originally scheduled to start this summer in Tokyo, the IOC was forced to bring everything to a grinding halt and announced last week that a delay of up to a year was coming. It has now provided an update a new tentative schedule is in place.
The IOC’s executive board met yesterday to determine how to proceed with the games, and has decided that July 23 will be the start of the Tokyo Olympics. The competitions will run through August 8, and, according to ICO president Thomas Bach, the games will still be called Tokyo 2020. He added in a statement, “I would also like to thank the IOC Athletes’ Commission, with whom we have been in constant contact. With this announcement, I am confident that, working together with the Tokyo 2020 Organizing Committee, the Tokyo Metropolitan Government, the Japanese Government and all our stakeholders, we can master this unprecedented challenge. Humankind currently finds itself in a dark tunnel. These Olympic Games Tokyo 2020 can be a light at the end of this tunnel.”
The Paralympics will take place shortly after the completion of the Olympic Games. The new schedule is August 24 through September 5, and Paralympic president Andrew Parsons is happy with the outcome. He adds, “It is fantastic news that we could find new dates so quickly for the Tokyo 2020 Games. The new dates provide certainty for the athletes, reassurance for the stakeholders and something to look forward to for the whole world. When the Paralympic Games do take place in Tokyo next year, they will be an extra-special display of humanity uniting as one, a global celebration of human resilience and a sensational showcase of sport.”
Changing the dates has huge financial implications. Athletes, trainers, coaches, press crews, sponsors and more all have to revamp their schedules to ensure they can participate. The host country, Japan, in this case, has to make alterations, as well. Japan had reportedly already budgeted around $12.5 billion to host the games, and is now going to have to pull out another $2-$4 billion to change the schedule, according to some analysts.
The response to the announcement has been overwhelmingly supportive. Players and athletic organizations have shown their appreciation for the IOC’s ability to come up with a solution quickly, and are looking forward to taking advantage of the extra time to prepare for the competitions.
With a new timeframe established, the sports gambling community now knows what to expect, as well. Hit hard by the coronavirus, it has to hang in there a little while longer to capitalize on the more than $1.5 billion expected to be wagered on the games.
