By Athena Constantinou, Managing Director, APC Sports Consulting, Nicosia, Cyprus
The Coronavirus Pandemic has both a health and an economic dimension and has wreaked havoc throughout the world and is having a devastating effect on every aspect of our modern lives and activities, not least on sport.
As a result, we are all in a state of shock, unable to really comprehend what is going on, unable to do much about it but try to keep safe within the boundaries of our own homes and just wait for this storm to pass.
In particular, the sports industry, being a global one, has been severely affected financially by the Pandemic, and this is having a devastating ripple effect on athletes, sports clubs, especially football, sponsors, television networks, employees, and others, including sports fans throughout the world.
One thing is certain: this Pandemic will reshape all our lives in ways as yet unknown to us.
Financial uncertainty is already being felt by all of us, especially athletes, whose finances are under threat.
The cancellation, suspension and postponement of sporting events has created a financial hardship so severe that its impact on all those involved in sport and the sports industry will be felt for quite a long time after things return to normal.
Of course, we do not know what the new normal will look like after this deadly Pandemic finally ends.
A worldwide recession is looming with all the financial consequences and effects on countries’ economies and those of individuals.
As far as the sports sector is concerned, now is the time for athletes, in particular, to exercise prudent financial behaviour; for readjustment of both short-term and long-term financial planning and goals; and for adapting to the new financial realities of life both at present and in the foreseeable future.
Now is the time, therefore, for elite athletes to take expert professional advice and put winning financial strategies and plans into action and thus weather the storm created by the Pandemic!
Athena Constantinou may be contacted by e-mail at ‘firstname.lastname@example.org’