Absence of sports to cost $12 billion to US – COVID19 economic impact

As per the expert analysis, the sudden vanishing of sports due to the Coronavirus will cost at least $12 billion loss.

ESPN says, in an analytical report, that the sudden disappearance of sports will erase at least $12 billion in revenue and hundreds of thousands of jobs in the United States sports industry.

The $12 billion loss will derive from the shutdown of professional and college sports alone, the study estimates.

The scale of devastation is coming into view at all layers, be it stadium authorities, youth sports complexes, rec centers, and/or global TV networks.

According to the analysis, some organizations, especially at the lower levels of sports, say they’ll be lucky to survive.

The low-wage service workers who support pro and college sports and are now unemployed take most of the hit.

The tax revenue that helps support local services such as police and firefighters and contributes to the quality of everyday life, will also take the loss which will eventually affect the aforementioned services communities.

Patrick Rishe, who directs the sports business program at Washington University, said: “As an economist, you stand back, you look at the carnage that’s taking place – dumbfounded, awestruck, mind-numbing.”

He added, “All of those phrases, they’re all relevant because we just have never seen anything on this scale.”