For Sports Fans 2021 Won’t Come — It’d Be Rewind 2020
With the surging number of Coronavirus cases around the world, major events are either postponed or cancelled. Now it seems like for sports fans 2021 won’t arrive, it’d be a replay of 2020.
The ongoing Coronavirus Pandemic is costing billions to sports fraternity. From UEFA EURO 2020 to Tokyo Olympics and Indian Premier League, every event leading to a mass gathering has been indefinitely called off.
UEFA EURO 2020, Olympics 2020 and IPL 2020– all will happen but in 2021
Highlight! Here’s a look at how Covid-19 will affect some major sporting events
- Rescheduling Olympics will be a huge blow for Tokyo
- What’s at stake for UEFA?
- Covid-19 pandemic impact to cost $1 Billion to IPL
Cancelling and postponing the major sporting event is a major blow to the industry as it would cost billions of dollars to the sports fraternity. No games mean no ticket sales and reduced media payments.
For the first time in nearly two decades, the $160 billion sports world has gone dark.
Rescheduling Olympics will be a huge blow for Tokyo
As per the organizers, the pandemic has fallen upon them no less than a ‘nuclear bomb.’ The Olympic 2020 game was expected to cost around 1.35 Trillion Yen ($12.35 Billion.) Tokyo moved the marathon and walking events from Tokyo to the Northern city of Sapporo to avoid the summer heat which coasted them an estimated 3 Billion Yen.
Tokyo’s 2020 budget is split between the organizing committee and local and national government, International Olympic committee contributed more than $800 Million. Talking about the sponsors, the Tokyo Olympic 2020 gathered record domestic sponsorship revenues of more than $3 Billion.
What’s At Stake For UEFA?
Sports have faced unprecedented disruption due to Coronavirus pandemic and EURO UEFA 2020 becomes one of the biggest sporting events to be postponed due to pandemic. UEFA says the postponing the Euros will cost around 300 million Euros ($372 million), whereas cancelling the event altogether would have cost close to 400 million Euros ($436 million).
As it has been rescheduled from June 12, 2020-July 12, 2020 to June 11-July 11 2021, it still would generate some 2.1 billion Euros ($2.5 Billion)and cancelling the tournament would flush it all.
It is not UEFA’s money. The vast majority of what they earn flows straight back to clubs, in the form of prize money for the Europa League and Champions League, and federations. That is in the form of direct support and fees when they play in UEFA competition.
Covid-19 Pandemic Impact To Cost $1 Billion To IPL
One of the biggest sporting events of India that is Indian Premier League has been cancelled due to the Covid-19 pandemic. Duff and Phelps, the multinational financial consultancy firm has estimated that it will reduce the value of the entire IPL ecosystem by $700 million to $1 Billion. Each franchise earns Rs 200 crore for playing in the league, from a common pot on top of all other revenue streams, the cancellation would leave franchises short for the next season – if it happens.
On second thought, apart from the cash flow impact, Duff & Phelps considered economic impact due to one-year setback, anticipating sponsorship revenues may not grow at the desired level next year due to the current disruption.
Given the loss to these sporting events and the historical gap year that Covid-19 created fans will just see a rewind 2020 next year.
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