- March 3, 2021
Probably the dumbest thing I did was try to get organized. I started with purchasing a 2020 planner. Dumb. The entire world has turned upside down. I am now telling my parents to stay indoors. But kudos to CORONA. It has done what no woman has been able to. She canceled sports, closed the bars
Probably the dumbest thing I did was try to get organized. I started with purchasing a 2020 planner. Dumb. The entire world has turned upside down. I am now telling my parents to stay indoors. But kudos to CORONA. It has done what no woman has been able to. She canceled sports, closed the bars and the men are home. We used to kid. “I wouldn’t touch her with a six-foot pole.” Here we are. It’s a national phenomenon. Never in a million years did I think I could walk into M & T with a mask and ask for money. Disclaimer. I stole those.
So COVID has made an impact. It has created all kinds of challenges. We still face many uncertainties, and the pandemic has wreaked havoc on public health, society and the economy. The sporting realm has changed dramatically. Many professional and amateur leagues have postponed or suspended their seasons. The value is astronomical.
I remember hearing the news that seemed to change everything. Utah Jazz center Rudy Gobert tested positive. The NBA was forced to make a difficult decision. They became the first sports organization to hit their brakes. The season came to a halt on March 11th. At that time there were still 259 games left. The combined revenues lost as a result were estimated between 350 and 450 million US dollars. That is just the gate. Never mind the concessions or other stuff. Now the NBA was successful in playing their playoffs inside a bio-secure “bubble” at the Wide World of Sports Complex in Orlando. Lebron James and the LA Lakers took home the title this past October. Almost an entire year after the regular season. Crazy.
The NBA’s unprecedented move caused a major domino. The NCAA who is responsible for all of college sports followed suit and canceled all of its remaining winter and upcoming spring seasons. This included MARCH MADNESS, the NCAA Men’s Basketball Championships. Television and marketing rights alone come in close to 867 million US dollars. This was the first cancelation since the tournament’s 1939 introduction. Every major college and university has suffered. No games. Nothing. The great city of Atlanta was set to host the 2020 NCAA hoops championship. They lost big time. Some say over 100 million US dollars are gone.
Formula One racing has also been affected. They cancelled the Australian Grand Prix. Races in Bahrain and Vietnam were postponed the next day. The potential losses for the hosting fees were estimated over 602 million US dollars. With so much uncertainty, the Formula One Group has lost 45% of their market value. This translates to a change of five billion dollars. Ouch. The season eventually started in early July. 17 races were on the docket for the remainder of 2020. Hopefully they can salvage something.
The Summer Olympics were rescheduled. The 2020 games were supposed to be held in Toyko. This all changed with the introduction to COVID. They were pushed back to 2021. This is the very first time the IOC had to postpone an entire year. Forget about numbers. Shutting down was a huge blow. The financial burden to the host nation is enormous. Japan has already committed 13.4 billion US dollars towards organization. The new Olympic Stadium in Toyko cost 277 million US dollars alone. I understand that the IOC has insurance and many buffers in the event of a cancelation but rescheduling the entire event to 2021 has certainly been an economic and logistical nightmare.
Happy New Year kids. Hang in there. Cheers.