The good news is that it looks like the event has not been cancelled but rather it has been postponed. This is according to a report from USA Today in which they are quoting veteran International Olympic Committee member Dick Pound, who told the publication that the games have been postponed and not cancelled.
What will happen next is unclear, but according to Pound, the IOC is currently working on the details which should be revealed in the next four weeks. “It will come in stages. We will postpone this and begin to deal with all the ramifications of moving this, which are immense.” It should be noted that neither the IOC themselves or the Tokyo 2020 organizing committee have yet to officially announce anything, so maybe don’t take this to heart just yet.
In response to Pound’s comments, IOC spokesman Mark Adams said, “It is the right of every IOC member to interpret the decision of the IOC executive board which was announced (Sunday).” This means we’ll have to wait for a more official announcement to determine the true fate of the event.