Tokyo Olympics postponed until 2021 due to coronavirus

Automatic TRANSCRIPT

The Olympics has finally been postponed the IOC and Tokyo organizers have agreed to delay the games for a year although they insist it is not a cancellation also the coronavirus sees India heading into a locked down for the next three weeks let's have the very latest now from our chief north Asia correspondent even angle and see the start with the Olympics they seem to be a no choice decision I guess for the IOC in Japan growing momentum and calls from around the world that the games they just would not be appropriate I just four months down the road from now from yesterday would be four months ago and to this July twenty fourth opening ceremonies it just wouldn't be right given the death toll given the escalating number of cases around the world there are more than fifty four thousand cases now in the United States and by most epidemiologists estimates they have not reached a peak yet we all know the situation in Italy of course in other areas of Europe and then the emerging areas of of the the Asia which I'm to talk about in just a second India weather's Thailand Singapore they're escalating number of new cases every single day so to hold the games at this time or to even have any semblance of normalcy that it's going to go ahead in four months was just not appropriate and that they're going to keep it as the Tokyo twenty twenty game in name but it'll be delayed by at least a year most likely next summer the economic impact that's the big question Goldman Sachs earlier this month said if it was canceled it could have direct and indirect consequences upwards of sixty billion dollars this is a sunk cost for the Tokyo municipal government as well as the IOC twenty six billion dollars spent by the local municipality to build out all the facilities but to delay it by a year Goldman now saying the economic impact could be about six billion dollars I think it's still a little bit too early but it's also going to take a hit on some of those Olympic sponsorship deals in a Toyota for one has spent one point eight billion dollars for a ten year agreement to sponsor the Olympics and I guess somewhat prophetically their slogan their tagline for the games was start your impossible well it's gonna be a year later to start that impossible

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