There's an estimated loss of $12 billion from the sports shutdown—from little leagues to the pros. That number could more than double if football is shutdown this fall.
An abrupt halt in the sports world from the COVID-19 pandemic not only brought a stoppage in the way of life, it brought a sports recession. If the shutdown continues through the NFL and college football seasons, and those games are not played, it could lead to a downright sports depression. And not just mentally.
The sports shutdown began on March 11 with the NBA suspending its season until further notice after a player from the Utah Jazz tested positive for COVID-19, also known as coronavirus. Patrick Rishe is the sports business program director at Washington University in St. Louis who said the financial losses across the spectrum so far are"mind-numbing."
With stoppages in the NHL, NBA and Major League Baseball, and overall shutdown of sports, the estimated revenue loss is more than $12 billion. Should the NFL and college football seasons cancel, then the losses would more than double, according to the report. Why is it important? According to numbers from the NBA, it takes about 1,900 workers to stage an NBA game, from security to ticket takers and other arena workers. That means the numbers could be similar in NHL arenas and Major League ballparks.
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