Share
How the sporting world is impacted by COVID-19
As the new coronavirus crisis continues to wreak havoc on markets internationally, the sports world hasn't been spared in the least. Massive sporting events have been postponed or cancelled, compromising investments and leaving important potential revenues in jeopardy. Sports Analyst, Sharon Allela joins CNBC Africa for a breakdown on the impact the COVID-19 crisis is having in the space regionally and worldwide.
Mon, 16 Mar 2020 15:03:04 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Cancellation and postponement of major sporting events have led to financial losses in the billions, impacting stakeholders, sponsors, and event organizers.
- The lack of precedence for such a crisis has left the sports industry struggling to adapt, with concerns about the future of sports development in regions like East Africa.
- While some leagues are considering games without spectators, the emphasis remains on ensuring the safety of all involved and preserving the essence of sports amidst the crisis.
The global sports industry is facing unprecedented challenges as the COVID-19 crisis continues to wreak havoc on markets worldwide. The cancellation and postponement of major sporting events have not only impacted event organizers and spectators but have also left stakeholders counting losses in the billions. Sports analyst Sharon Allela provided insights into the regional and global implications of the crisis. Across different sports, the primary effect of the virus has been the disruption of major events, leading to financial repercussions that could extend into billions of dollars. Events such as the Basketball Africa League and the Kenya Open golf tournament have been either postponed or canceled due to government directives and the risk of the virus spreading among athletes and fans. The uncertainty surrounding the virus has forced sponsors and stakeholders to reconsider their strategies, with many moving sponsorships to the next year to minimize losses. The lack of precedence for such a crisis has left the sports industry struggling to adapt, with concerns about the long-term impact on the development of sports in regions like East Africa. As countries grapple with the economic implications of the crisis, sports funding is expected to take a hit, affecting the growth and sustainability of the industry. While some leagues are exploring the option of holding games without spectators, the underlying motive remains to ensure the safety and well-being of all involved. The absence of fans in stadiums raises questions about the essence of sports, emphasizing the need for a balanced approach that prioritizes health and the integrity of the game. As the sporting world navigates through this challenging period, the road ahead remains uncertain, with athletes, fans, and organizers bracing for the impact of COVID-19 on the future of sports.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.