Andrew Ryan, ASOIF's executive director, told Reuters that none of the 28 Summer Olympic IFs would be bankrupted by the cancellation of the Tokyo 2020 Games, but that impacts could be worse for the larger sports.

"The ones with the exposure are the bigger federations that burn a lot of money from their reserves," Ryan said.

"That is where the risk lies.

"Some have very substantial reserves but they have been fighting very hard to deliver events, like handball and their [ongoing] World Championship in Egypt.”

The International Olympic Committee and Japanese organisers have repeatedly said the Games, postponed from last summer, will go ahead on July 23, even with empty stadiums and the isolation of athletes, but doubts remain as COVID-19 cases rise across much of the world.

"If a total catastrophe happened there would be painful cuts to budgets and difficult choices to make," Ryan said to Reuters.

"But I don’t think there are federations thinking 'it is all over for us' if it was not to happen."

The cash dividend from the Games to IFs has been delayed by a year.

Group A sports such as athletics, gymnastics and swimming receive roughly $40 million (£30million/€33 million), while smaller sports such as modern pentathlon and newer Olympic sports such as rugby and golf, in Group E, end up with about $14 million (£10million/€11.5million).

However, Ryan said only half of the 28 IFs had taken up the offer of an interest-free loan from the IOC, adding that it was "an indication of where we are".

He said loans taken out by the IF did not amount to more than about $40 million in total combined.

"It is always thought that the international federations are all very dependent on the Olympic revenues," Ryan added.

"It is still a big part.

"But if you took an an average across all federations [apart from the bigger-sized football federation FIFA] about 30 percent comes from the Olympic Games."