FIFA predicts huge financial loss to football due to Covid-19

FIFA estimates a loss of $14 billion due to the Coronavirus pandemic despite football returning on the pitch

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The supreme footballing governing body has put in $1.5 billion in allocation to assist in this uncertain coronavirus pandemic. Football is being played but on the back of losses plundering clubs worldwide.

Head of FIFA Covid-19 tackling committee, Olli Rehn estimates that the club game worth between $40-45 billion around the globe. The restart of games after the lockdown generated an eye-catching number of $14 billion.

However Rehn believes the increase of infection won’t allow finances to settle in properly. There will be a major crisis if actions are not being taken seriously.

Rehn indicates financial losses to football

Rehn indicates financial losses to football if pandemic situation prevails

Even though football is on the flow like usual, the empty stadiums are not only blanking emotions but finance too. This is a challenging period for clubs to go through at the moment.

“Football has been hit very hard by the coronavirus pandemic,” Rehn spoke in an exclusive with Reuters, “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.”

While Europe steadied the ship, Olli figured out that the sport in South America had been hit hard compare to other continental places. Asia and Africa are also rocked by the pandemic situation with finance dropping drastically.

“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 informed.

Battle for improvement

FIFA is in battle for improvement

Olli Rehn said that 150 out of 211 FIFA members have applied for funds. To tackle the situations they have estimated figures to turn up in a year. So, potentially there is little chance of a complete shut down with football now showing it’s colors. Rehn approves the fact. He do fear if the pandemic situation takes an uglier turn.

“The critical thing will be whether a vaccine will be developed and can be used, and that we have medical and other means to fully contain and tame the pandemic, and that is uncertain,” he said.

“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.”

It is likely that FIFA will execute their plans wisely saving the clubs and associations from the pandemic. We wish that the situation is curved by taking appropriate measures in necessary time.

Also Read: Another PSG Star could be banned after the match against Marseille

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