Speaking with hundreds of reporters in a teleconference on Wednesday, IOC President Thomas Bach said a newly formed task force will face the "huge jigsaw puzzle" of setting a new date amid the continuing coronavirus outbreak. At this point, we have received $98 million (£83.5m) in milestone payments under the contract.
Following this meeting, they will also consider other sports' calendars for the time period when the Olympics would take place, he said. "These show that even in a reasonably probable worst case scenario, with appropriate mitigating actions, we expect to remain within the Group's financial covenants, while maintaining headroom under our existing committed facilities".
The IOC said the games will be held "not later than summer 2021" but they will still be called the 2020 Tokyo Olympics.
"The timing is a challenging question". "This is not just restricted to the summer months".
Bach, a 66-year-old German lawyer and former Olympic fencing champion, also said that outright cancellation was discussed, even though the IOC had long insisted that was not an option. The release details that the delay will last no later than summer 2021.
Both World Athletics and the International Swimming Federation say they are prepared to move their 2021 world championships to accommodate the rescheduled Games. According to some estimates, the rearrangement of the Games will reduce the growth of Japan's GDP by 1.4 percent.
"It's the Olympic Village (where) the heart of the Games is usually beating".
The postponement announced by the International Olympic Committee and Japan on March 24, therefore, will be historic - different from many previous ones, this year's Olympics is now called off due to a highly transmittable infectious disease.
In this sense, the 2020 Tokyo Olympics will hopefully be remembered in history as a moment in which the whole planet fought against a common enemy.
Bach concluded by saying: "We are at an unprecedented situation and have an unprecedented challenge". "We have to find the best possible solution under the circumstances we are living in".