On Tuesday, the International Olympics Committee President and the Prime Minister of Japan declared that the Tokyo 2020 Olympics have been rescheduled to a date beyond 2020 but not later than summer 2021. In short, the Tokyo Olympics, which were scheduled to take place from July, have been postponed to next year.

This is the first such delay in the Games’ 124-year modern history. “Dear Fellow athletes, you can be sure that you can make your Olympic dream come true," the IOC President said in an attempt to boost the morale of athletes.

"As an athlete, it’s heartbreaking news about the Olympics being postponed until 2021, but it’s for all the right reasons and the safety of everyone! Hope everyone keeps safe and stay indoors," an athlete tweeted out, mirroring the current state of mind of his cohorts.

Meanwhile, it's reported that Coca-Cola Co, Procter & Gamble Co, Intel Corp and eleven other MNCs have already spent $500 million this year on the Olympics. "They have committed close to $4 billion on multi-year contracts that designate them as top-tier sponsors," Global Data, a research firm, has said.

Importantly, the 14 sponsors haven't opted out of the Olympics despite the postponement.