(Bloomberg) -- All the sponsors of the Tokyo 2020 Olympics will retain their sponsorship rights despite the postponement of the games due to the coronavirus epidemic, the President of the International Olympic Committee Thomas Bach said.

“It is a logical consequence that the sponsors of the Olympic games Tokyo 2020 that they keep their rights even if these games are organized in 2021,” Bach told reporters in a phone call Wednesday.

Some key sponsors of the games -- including General Electric Co. and Procter & Gamble Co. -- have agreements that are scheduled to expire at the end of 2020.

Bach’s comments came a day after he and Japanese Prime Minister Shinzo Abe agreed to postpone the Olympics by as much as one year due to the global spread of the coronavirus.

Bach told reporters that all options are on the table regarding the timing of the Olympics in 2021.

©2020 Bloomberg L.P.

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