Sporting world losses amidst New Coronavirus!
There has been chaos and confusion all over the globe, because of the killer Coronavirus disease – and the international sporting world has not escaped any of this!
Losses in the sporting world 2020 due to covid 19 have amounted to billions, as a result of all kinds of major sporting events being cancelled all over the globe.
Patrick Rishe, Washington University, St. Louis, director of the sports business program, says:
“As an economist, you stand back, you look at the carnage that’s taking place — dumbfounded, awestruck, mind-numbing. All of those phrases, they’re all relevant because we just have never seen anything on this scale.”
For instance, around €45 million in losses are expected by Borussia Dortmund, the German professional sports club, which is located in Dortmund, North Rhine-Westphalia.
As much as $249 million, could be the losses suffered by the English Football League clubs, because of play being stopped due to the Coronavirus pandemic.
Rick Parry, Chairman Football League (EFL) clubs said:
“We are heading for a financial hole of about 200 million, a cash hole we need to fill, clubs will need to fill…the cash hole towards autumn looks pretty grim. Our objective, obviously, is to lose none. We would like to emerge stronger, leaner and more efficient, with a proper reset post-COVID.”
Even the postponing of the 2020 Olympics in Japan is going to cost a fortune. But how much?
CEO Toshiro Muto, organizing committee, 2020 Olympics states:
“Of course there will be costs. As for how much, we have no figures with us right now. As for who will shoulder these costs? Needless to say, they are not going to be easy discussions, so we are not sure how long they will take.”
According to experts, the stopping of sports, could amount to losses amounting to billions. Such then are the sporting world losses amidst the Coronavirus pandemic!