Estanguet admitted that the global health crisis and Russia’s military assault on Ukraine had caused "major breakdowns in production and supply chains" and generated "an inflationary environment".

The French official was speaking during the International Olympic Committee (IOC) Session here as he provided an update on Paris 2024.

"The health, economic and geo-political crisis that have been unfolding over two years now pose new risks for Paris 2024," said Estanguet.

"Without wishing to go into detail, the COVID crisis and dreadful conflict in Ukraine have caused major breakdowns in production and supply chains.

"They have also generated an inflationary environment which was impossible to anticipate just a few months or weeks ago."

Estanguet pledged to "push optimisation and savings even further behind the scenes" to ensure that organisers can still deliver what is promised to be a "unique" Olympics, including the planned city-centre Opening Ceremony.

"You can count on us to deliver a great Games and I am sure that we will find the necessary adjustments together," added Estanguet.

"We will not backtrack on our ambitions and we will can create fresh momentum around Olympians by showing that model of Games that is both popular and sustainable."

Pierre-Olivier Beckers-Vieujant, head of the Belgian Olympic and Interfederal Committee who is chair of the Paris 2024 Coordination Commission, revealed that the Games had reached two-thirds of its revenue targets, but that the remaining amount "is proving more challenging to secure given the current circumstances”.

He added that 18 sponsors had been announced already and expects that "two additional tier-one sponsors could be signed prior to this summer".

More follows.