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Sudden vanishing of sports due to coronavirus will cost at least $12 billion, analysis say
Posted on 5/1/20 at 8:02 pm
Posted on 5/1/20 at 8:02 pm
quote:
The sudden disappearance of sports will erase at least $12 billion in revenue and hundreds of thousands of jobs, an economic catastrophe that will more than double if the college football and NFL schedules are wiped out this fall by the coronavirus pandemic, an analysis conducted for ESPN shows.
The meltdown is a fraction of the crisis spreading across the country, but it is nonetheless historic, touching every sector of the $100 billion United States sports industry.
From stadium authorities to youth sports complexes, from rec centers to global TV networks such as ESPN, the scale of devastation is only now coming into view. Some organizations, especially at the lower levels of sports, say they'll be lucky to survive. The pain is especially acute among the army of low-wage service workers who support pro and college sports and are now unemployed. The losses are draining tax revenue that helps support local services such as police and firefighters and contributes to the quality of everyday life in thousands of communities.
"As an economist, you stand back, you look at the carnage that's taking place -- dumbfounded, awestruck, mind-numbing," said Patrick Rishe, who directs the sports business program at Washington University in St. Louis. "All of those phrases, they're all relevant because we just have never seen anything on this scale."
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Posted on 5/1/20 at 8:10 pm to RLDSC FAN
quote:
The sudden disappearance of sports will erase at least $12 billion in revenue
Where was the $12 billion going to? 90 odd team owners?
I’m just as pissed about sports not happening as the next guy, but I’m not shedding a tear for Jerry Jones not making his customary $500 million this year and having to pay for his Botox, Johnny Walker Blue, and hookers out of his savings account
Posted on 5/1/20 at 8:12 pm to RLDSC FAN
It was all worth it to delay Grandma getting sick...for a month or two
Posted on 5/1/20 at 8:12 pm to SHOtime Tiger
quote:
Where was the $12 billion going to? 90 odd team owners?
Restaurants, hotels, bars, etc
The article literally tried to break it down for you
quote:
just as pissed about sports not happening as the next guy, but I’m not shedding a tear for Jerry Jones not making his customary $500 million this year and having to pay for his Botox, Johnny Walker Blue, and hookers out of his savings account
The upcoming nfl tv deal is going to astronomical. This is a sad, pathetic take
This post was edited on 5/1/20 at 8:13 pm
Posted on 5/1/20 at 8:12 pm to RLDSC FAN
I would feel bad for the stadium workers, but then I remembered they’re making $1000/week (more than the average American worker) to do nothing, so I’m sure they’re fine.
Posted on 5/1/20 at 8:13 pm to SHOtime Tiger
quote:
Where was the $12 billion going to? 90 odd team owners?
You don't really understand economics do you?
Posted on 5/1/20 at 8:14 pm to SHOtime Tiger
quote:
Where was the $12 billion going to? 90 odd team owners? I’m just as pissed about sports not happening as the next guy, but I’m not shedding a tear for Jerry Jones not making his customary $500 million this year and having to pay for his Botox, Johnny Walker Blue, and hookers out of his savings account
Posted on 5/1/20 at 8:20 pm to SHOtime Tiger
quote:Youll learn a little more about this in high school. They definitely explain it in college.
Where was the $12 billion going to? 90 odd team owners?
I’m just as pissed about sports not happening as the next guy, but I’m not shedding a tear for Jerry Jones not making his customary $500 million this year and having to pay for his Botox, Johnny Walker Blue, and hookers out of his savings account
Posted on 5/1/20 at 8:21 pm to SHOtime Tiger
quote:
Where was the $12 billion going to? 90 odd team owners?
You’ve been dropping some shite takes as of late. I know you as the moron with shite takes. That’s what I associate you with.
Do better
Posted on 5/1/20 at 8:24 pm to VermilionTiger
quote:
You’ve been dropping some shite takes as of late. I know you as the moron with shite takes. That’s what I associate you with
What he said
Posted on 5/1/20 at 8:26 pm to RLDSC FAN
Ironic, I have 12 extra billion in my bank account past few months
Posted on 5/1/20 at 9:01 pm to SHOtime Tiger
quote:
SHOtime Tiger
added to the longest list of dumbasses on TD
Posted on 5/2/20 at 1:19 am to RLDSC FAN
A big part is cities losing lease payments from their teams. Hotels are getting hammered. Districts built around stadiums are bearing the brunt of it.
So you've got government losing lease money + hotel taxes + restaurant taxes + bullshite city "recreation" taxes. Owners of establishments near the stadium are likely taking PPP funds from the feds. With the loopholes I'm sure minor league teams are also tapping into the PPP. MOST teams qualify as well but won't because of the bad publicity.
I stream 670 Chicago's noon-2 show and they've been talking about this for weeks. (Thankfully the NFL draft + front office firings with the Bulls & Hawks have broken things up.) Lots of talk that this might be the situation that leads to the Power 5 conferences giving the NCAA the single finger salute and banding together with more liberal rules regarding player pay/ eligibility.
In reality, just accept the 2019-20 NBA/NHL will wiped out with the same treatment as MLB in 1994. MLB will be played in the spring training leagues and under AL (DH) rules. It's the only way they'll get anything more than half a season played. It'll be huge for FL/AZ and an advantage for teams who have built advanced facilities there.
I'm a NFL STH but have already started to accept that they likely won't have fans in the stands. For the NCAA I think we're going to get football, March madness, and spring sports all happening in March. Maybe basketball will get pushed to a Wed-Sat MM schedule complimenting an 8 team football playoff with games played on Sundays. CFB NC played Sunday in primetime with the BB NC being played on its traditional Monday.
ETA: Spring CFB means guys like Lawrence (probably top 50 players) will opt to forego their junior years and prepare for the NFL Draft.
So you've got government losing lease money + hotel taxes + restaurant taxes + bullshite city "recreation" taxes. Owners of establishments near the stadium are likely taking PPP funds from the feds. With the loopholes I'm sure minor league teams are also tapping into the PPP. MOST teams qualify as well but won't because of the bad publicity.
I stream 670 Chicago's noon-2 show and they've been talking about this for weeks. (Thankfully the NFL draft + front office firings with the Bulls & Hawks have broken things up.) Lots of talk that this might be the situation that leads to the Power 5 conferences giving the NCAA the single finger salute and banding together with more liberal rules regarding player pay/ eligibility.
In reality, just accept the 2019-20 NBA/NHL will wiped out with the same treatment as MLB in 1994. MLB will be played in the spring training leagues and under AL (DH) rules. It's the only way they'll get anything more than half a season played. It'll be huge for FL/AZ and an advantage for teams who have built advanced facilities there.
I'm a NFL STH but have already started to accept that they likely won't have fans in the stands. For the NCAA I think we're going to get football, March madness, and spring sports all happening in March. Maybe basketball will get pushed to a Wed-Sat MM schedule complimenting an 8 team football playoff with games played on Sundays. CFB NC played Sunday in primetime with the BB NC being played on its traditional Monday.
ETA: Spring CFB means guys like Lawrence (probably top 50 players) will opt to forego their junior years and prepare for the NFL Draft.
This post was edited on 5/2/20 at 1:28 am
Posted on 5/2/20 at 7:45 am to SHOtime Tiger
quote:
Where was the $12 billion going to? 90 odd team owners?
No man, not at all.
Posted on 5/2/20 at 8:35 am to RLDSC FAN
Facui don't care.
Posted on 5/2/20 at 7:05 pm to VermilionTiger
quote:
You’ve been dropping some shite takes as of late. I know you as the moron with shite takes. That’s what I associate you with.
Thank you Randall!
ETA Disagree with the the content of post but commenting on my post history is just thirsty.
This post was edited on 5/2/20 at 7:22 pm
Posted on 5/2/20 at 7:10 pm to RLDSC FAN
But the pressure washer market is booming!
Posted on 5/2/20 at 7:12 pm to SHOtime Tiger
quote:
but I’m not shedding a tear for Jerry Jones not making his customary $500 million this year and having to pay for his Botox, Johnny Walker Blue, and hookers out of his savings account
Because all rich people keep their money in a giant vault like scrooge mcduck to swim around in.
Posted on 5/2/20 at 7:13 pm to Parade Grounds
quote:
would feel bad for the stadium workers, but then I remembered they’re making $1000/week (more than the average American worker) to do nothing, so I’m sure they’re fine.
Exactly. The people I really feel bad for are those that are still having to work but making less $ than people on the hiked unemployment.
Posted on 5/2/20 at 7:14 pm to RLDSC FAN
Talk about crippling our economy.
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