However, after the coronavirus
pandemic forced the postponement of the Olympics and Paralympics from July 23 this year to August 9, 2021 and from August 24, 2020 to September 5, 2021 respectively, this cannot happen.
To help them address this challenge and considering that the main priority is to enable the NOCs to best prepare their respective teams for the Olympic Games, the IOC will allow the NOCs to either follow the four-year term of office, or follow the Olympic Games cycle and hold their elections after the Olympic Games in 2021. This will be done under certain conditions, and subject to their respective statutes.
The IOC will consent to an extension of the initial term of office beyond four years.
The IOC has also increased Olympic Solidarity funds for exceptional Games-related costs incurred by NOCs due to the postponement of Tokyo 2020 from $46.7 million to $57 million.
This additional budget of $10.3 million will allow Olympic Solidarity to make available additional funds relating to exceptional Games-related costs incurred by NOCs due to the postponement of the Tokyo Games, stated the IOC.
Find out how the #Olympic Movement Funding model works:
$5bn is distributed as:
$2.5bn to the Olympic Games
$1.9bn to IFs, NOCs & Olympic Solidarity
$0.6bn to YOG, athlete programmes, protecting clean athletes & promoting Olympism
Learn more: https://t.co/XvpG7FjibD pic.twitter.com/dyMXMmASre
— IOC MEDIA (@iocmedia) April 23, 2020