Tokyo 2020 was deferred for the coronavirus pandemic--the first time the Games couldn't be held as scheduled in peacetime.
Announcing the unprecedented decision on Tuesday, the International Olympic Committee gave no specific new date, saying only it would be "beyond 2020 but not later than summer 2021".
On Wednesday in a conference call, IOC president Bach said: "This is not restricted just to the summer months.
"These postponed Olympic Games will need sacrifices, will need compromises from all stakeholders," Bach told reporters in a conference call the day after the IOC decided to delay the 2020 Games because of the coronavirus pandemic.
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World Athletics body ready to shift 2021 championship
World Athletics said on Monday it was prepared to shift its world championships in 2021 in order to accommodate a rescheduled Games.
The world championships are due to be held in Eugene, Oregon on August 6-15 next year.
And the International Swimming Federation said Tuesday that it was open to moving next year's world championships to fit in with the rescheduled quadrennial sporting extravaganza.
The swimming worlds are set to be held in Fukuoka in Japan between July 16 and August 1 next year.
In coronavirus-hit world, sponsors to stand by delayed Olympics
Major corporate sponsors of the 2020 Tokyo Olympics are standing by the IOC after the Games were postponed and experts familiar with the deals said the companies would not likely seek the return of billions of dollars committed to the agreements, reported news agency Reuters.
Fourteen global companies including Coca-Cola Co, Procter & Gamble Co and Intel Corp spent $500 million this year and have committed close to $4 billion on multi-year contracts that designate them as top-tier sponsors, according to research firm Global Data.
After the announcement, five major sponsors, Procter & Gamble, Intel, Airbnb, Coca-Cola and Samsung Electronics reaffirmed their commitment to the games.
Here’s what Tokyo Olympics some sponsors said after Games get postponed
"As the longest standing sponsor of the Olympic Games, we remain committed to working together with the IOC and TOCOG (Tokyo Organising Committee) to create a successful and safe event," said a Coca-Cola spokesman.
Samsung in a statement to Reuters said, "We will continue to work closely with the IOC and Games organizers to ensure a safe and memorable Olympic Games."