The Covid-19 pandemic has likely cost club football worldwide around €11.8 billion, according to reports.
A FIFA lead committee was set up to tackle the effects of the pandemic, and according its head Olli Rehn, the figure of €11.8 billion was based on the current scenario.
According to Rehn, FIFA and its financial consultants estimate club football to normally be worth between €33.8 billion and €38 billion worldwide.
With club game’s slowly restarting, and with the beginning of the Premier League and other major leagues across Europe, the three-month hiatus that cost the club game so much, might hopefully start to slow financial losses.
Rehn, said “Football has been hit very hard by the coronavirus pandemic.
“It has created plenty of turmoil at different levels with some professional clubs facing very serious difficulties. I’m also very concerned about youth academies and lower division clubs.”
The announcement should come as no surprise with the cancellation of games and the loss of revenue with fans unable to attend games likely to have a major impact, however, TV rights, especially in the UK, have never been higher.
Speaking about the effects on football outside of Europe, Rehn exclaimed that South America had been especially hard hit, while Africa and Asia were also a concern.
“It is a real danger that the good work that has been done developing football in Asia and Africa could be ruined, so we want to soften the blow and maintain the development that has been done,” he said.
To do that, Rehn and his FIFA committee has allocated €1.3 billion to help tackle the effects of the pandemic.
The funds are being made available to associate members of FIFA with 150 of its 211 members having already applied for them.
“We cannot rule out worse developments and that would be another ball game if the pandemic were to continue in a severe form next year. Now we are working on the basis of the current scenario,” said Rehn.
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