Tokyo Olympics-2020 Games has been postponed by a year as the world battles the Corona pandemic. Japan’s prime minister Shinzo Abe told media persons that the International Olympic Committee agreed to postpone the Games. IOC President Thomas Bach and Shizo Abe also had a discussion about the current situation and both have agreed to defer the Games by a year. The Olympics has been held every four years since 1948.The Games were scheduled to start on July 24 this year. Canada and Australia had already withdrew their teams from Tokyo Olympics.
Tokyo was spending some $12.6 billion to host the Games, and experts believe a postponement could cost it some $6 billion in the short-term before recouping it when they eventually go ahead. It will also be a bitter blow to sponsors and major broadcasters who rely on the four-yearly extravaganza for critical advertising revenue.