FIFA plans fund to help keep football industry financially fueled during Covid-19 crisis

0

April 1 – FIFA is to set up an emergency fund to help the football industry amid growing fears the coronavirus crisis could bring the sport to its knees.

The pandemic has thrown football into uncharted territory with the majority of leagues around the world suspended. In Belarus, Nicaragua and Burundi, the ball continues to roll, but there is no doubt that the coronavirus outbreak will create economic havoc in football.

The early signs of gaming’s biggest crisis since World War II have been ominous. Barcelona and Juventus players have already taken pay cuts, as have Bundesliga clubs with Premier League clubs likely to follow suit. In France, Canal+ and BeIN Sports are delaying the release of a planned payment of 110 million euros in TV rights. In Uruguay, the FA have furloughed their staff and in the Netherlands football will not return, on government orders, until June 1 at the earliest.

In response to the crisis, the world federation will draw on its financial reserves, which amounted to 2.75 billion dollars in 2019, to deal with the institutional crisis of the game.

“FIFA is in a solid financial position and it is our duty to do all we can to help them at this difficult time,” FIFA said in a statement. “FIFA is working on possibilities to provide assistance to the football community around the world after carrying out a comprehensive assessment of the financial impact this pandemic will have on football.”

“The Football Relief Fund” is said to be unique in sport, with no other major sporting governing body drawing up similar plans at the time of writing, and would mirror the response of governments around the world to offer national economies a lifeline. rescue amid lockdowns. This decision would require the approval of the FIFA Council. The criteria for distributing the money remain under discussion, as well as the internal management of the fund.

“The football community around the world is, to a greater or lesser extent, experiencing serious financial problems due to the coronavirus outbreak,” FIFA said. “This threatens to disrupt and damage the ability of FIFA Member Associations and other football organizations such as leagues and clubs to develop, fund and manage football activities at all levels of the game, including professional, non-professional, youth and grassroots football.

“It is expected that in many parts of the world, a considerable number of people involved in football, men and women, will find themselves in extremely difficult economic conditions.”

The world federation runs the “Forward Development Program” to redistribute FIFA’s vast wealth to its member associations. Under this program, FIFA pays $6 million to each member association over a four-year program.

Contact the author of this story, Samindra Kunti, at moc.l1642791055laboratory1642791055ofdlr1642791055howdi1642791055[email protected]1642791055fni1642791055

Share.

About Author

Comments are closed.