A top lawyer has said that the Coronavirus will change sport and football forever, especially if it continues into the summer according to reports in the Sun.
The economic and financial ramifications of the Coronavirus are bound to change football and its extravagant player wages, television broadcast deals and sponsorships in the long term.
According to Leeds based top sports lawyer Richard Cramer, the days of blockbuster £300,000-a-week player wages and excessively high TV broadcast deals and brand sponsorships could all come to an abrupt halt.
Speaking to the Sun, Cramer said:
“All the money football gets, from sponsorship and broadcasting, is in danger of a huge decline.”
“When we are through this, it’s inevitable there will be an adjusting down. That means broadcasting rights, sponsors, the lot. Wages will drop and the ridiculously high contracts players are on will end.”
“Unless normality returns in a month or two, the shape of football as we know it will change forever. As a consequence, that leads to a massive impact on the whole of sport.”
“Take Sky — if their subscriptions drop, the money suddenly isn’t coming in to the same extent.
“So the fact they will want to renegotiate the rights deal is a natural follow-on.”
Cramer thinks that not only football but also all other sports taking place in the UK could take a huge hit because of the uncertainty and ramifications of the Coronavirus pandemic.
With the restarting of the Premier League season up in the air at the moment because of the Coronavirus, the finances of football and all sports in the UK and worldwide are in grave danger of a sharp decline.
Only time will tell whether football and other sports will recover back to their usual financial statuses across the globe.