Latvia was confirmed as the sole host of the tournament yesterday after Belarus was stripped of co-hosting rights last month. 

According to Russia's official state news agency TASS, Latvia's Minister of Education and Science Ilga Šuplinska revealed the cost of the relocation to the capital Riga.

It is believed the previous cost for both Latvia and Belarus to host the tournament had been €10 million (£8.8 million/$12 million) each. 

Šuplinska also claimed the IIHF had contingency plans if the situation regarding the coronavirus pandemic does not improve in the coming months. 

The global health crisis may result in the World Championship taking place behind closed doors, with Latvian Ice Hockey Federation President Aigars Kalvītis, previously the country's Prime Minister from 2004 to 2007, telling Latvian news agency. LETA that a decision on spectators is due to be made in April.  

"This question can be answered only in mid-April, when it will be seen what the epidemiological situation in the country is," he said. 

"This issue is not on the agenda now, now the main questions are to have bases and we can hold the Championship. 

"The issue of spectators will be decided in progress."

The IIHF stripped Belarus of the tournament hosting rights due to safety and security concerns, stemming from the political unrest in the country since the re-election of President Alexander Lukashenko and the belief that the nation was not treating COVID-19 seriously enough. 

Hosting offers from Bratislava in Slovakia and Herning in Denmark were considered, but the IIHF decided to keep the entirety of the tournament in Riga because of the challenges caused by the pandemic.  

"With continued uncertainty surrounding international travel restrictions, the IIHF Council believes that keeping all teams in Riga throughout the tournament and avoiding travel between two host countries is the safest and most cost-effective way to operate the event," an IIHF statement said. 

Arena Riga is set to be used as the main venue and will host Group B matches, two quarter-finals, the semi-finals, and the gold and bronze medal games. 

The Olympic Sports Centre will be converted into a 6,000-capacity ice rink to hold Group A and two quarter-final games.

Daugava Ice Rink, approximately 10 minutes from Arena Riga, scheduled to serve as the practice arena with two ice sheets. 

The venue is currently under construction and scheduled to be finished by the end of March. 

All 16 participating teams will be housed in one hotel, with organisers subsequently able to create a bio-secure bubble if needed. 

Scheduled to take place from May 21 to June 6, the tournament is due to feature two eight team groups with Russia, Sweden, Czech Republic, Switzerland, Slovakia, Denmark, Belarus and Britain forming Group A.

Group B is due to consist of hosts Latvia, defending champions Finland, Canada, United States, Germany, Norway, Italy and Kazakhstan.

A game schedule for the tournament is due to be confirmed at a later date.

Latvia previously acted as the sole host of the IIHF World Men's Ice Hockey Championship in 2006.