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Money Smart Athlete Blog

The Coronavirus Effect on the Financial Health of Athletes

Apr 1, 2020 | Editorials

April 1, 2020

The coronavirus pandemic has swept the whole world, sport included.  We are all in a state of shock, unable to really comprehend what is going on, unable to do much but try to keep safe within the boundaries of our homes and just wait for the storm to go away.

The sports industry has been severely affected by the coronavirus with a devastating ripple effect on sports clubs, athletes, sponsors, television networks, employees of sports with.

One thing is for sure; this pandemic will reshape our lives in ways unknown to us yet.  Financial uncertainty is already felt by all, especially athletes whose finances have be organizations and venues, and all the sports industry stakeholders.  The cancellation of all sporting events has created a financial hardship so severe that its impact on all sports industry stakeholders will be felt for quite a long time after things go back to normal.  Of course, we do not know what the new normal will be, after this terrible pandemic is dealt en immediately affected by the cancellation of games and tournaments.  A world wide recession is here and all athletes are cautioned; now it is the time for prudent financial behavior, for readjustment of both short-term and long-term financial planning and for financially adapting to the new realities of life;  now it is the time to put the sport winning strategies into action!

Athena P. Constantinou