The 2020 Tokyo Olympics has officially been postponed by a year due to the coronavirus pandemic.
"I proposed to postpone for about a year and president Bach responded with 100 per cent agreement," Japanese Prime Minister Shinzo Abe told reporters referring to Thomas Bach, head of the International Olympic Committee.
This is the largest event till date that has been affected due to the pandemic.
The venues were built long before the deadline and the tickets oversubscribed.
The IOC had come under severe pressure to postpone the game as 1.7 billion people are under quarantine due to the coronavirus outbreak. The committee on Sunday gave itself a four weeks deadline to postpone the Games.
But the decision came easily after Canada and Australia decided to pull back their Olympics team and World Athletics called for a postponement.
The move comes with a lot of consequences too.
Tokyo spent $12.6 billion to host the Games and experts believe that it would have to spend $6 billion more to postpone it.
Secondly, shifting an event of that scale would mean ensuring venues are empty again at that point of the year and cancelling and rebooking hotel rooms for tens of thousands of people.
"It is mind-bogglingly complex to make a sudden change after seven years of preparation for the biggest sporting event in the world," Michael Payne, the IOC's former head of marketing, told AFP.
Thirdly, the World Athletics will hold the World Athletics Championships and FINA will hold the World Aquatics Championships, two of the largest sporting event in 2021.
World Athletics has agreed to move its tournament to August 6-15 next year in Oregon to accommodate the Olympics.
This is not the first time Japan has face a situation like this. In 1940, Japna was on its way to being the first Asian country to host the Olympics Games, but had to pull out due to world pressure over the second Sino-Japan War.