Coronavirus has hit every part of the world, stopping all the daily activities. The contagious virus has been spreading like wildfire killing thousands of people across the globe. Every activity has been put on hold, and most of the countries are under lockdown. Every country and every industry is under a financial crisis with no activity being held. The sports section is no different. Recently, the professional football club FC Barcelona announced that they have incurred losses of around $238 million due to coronavirus.
If not for COVID-19, they would have earned more than €1 billion, breaking records this season. Last year, they ended their accounts with a worth of €855 million. Now, the club is coming up with new financial models and strategies to protect everything they own. They do not want to incur more losses. Reports from Barcelona say that the virus has affected them drastically. They could have had a profit of more than €2 million this season.
What did FC Barcelona say about the losses they have incurred?
The club recently gave out a statement stating that every club, no matter what sport, is suffering from losses. The virus has had a huge effect on the industry. Consequently, everyone is losing revenue due to the restrictions being put up everywhere to lessen the virus’s spread. All the major leagues were postponed, and many of them have also been suspended. If one player tests positive, then everyone in the club has to undergo testing, and all the activities are canceled. With the matches starting now, they are still being held behind closed doors, which means there is no fans’ revenue when they buy tickets. With restrictions on international tourism, there are also no tourists or visitors that usually help them financially as they used to buy a lot of merchandise.
The latest economic news surrounding Espai Barçahttps://t.co/Ea8tKpIn1x
— FC Barcelona (@FCBarcelona) October 5, 2020
How has the coronavirus outbreak affected the sports industry all over the world?
The outbreak has affected numerous sporting events, including the Tokyo Olympics, that was scheduled this year. The event has now been postponed to 2021. All the football events were postponed or suspended, leaving the fans unhappy. Traveling to different stadiums will be difficult and unsafe for the team, and hence, every event was stopped. Even this year’s Copa America and Euro 2020 have been postponed to 2021. England canceled their Women’s Football League due to the financial crisis. Barcelona has been seen actively participating in recent events. The club is one of the richest clubs with an annual turnover of more than €8408 million. It is the fourth most valuable team in the world of football. With a large fanbase, the team has won 74 trophies in the major championships.