The world football governing body FIFA has said that the impact of the dreaded coronavirus (COVID-19) pandemic is likely to cost club football 14 billion dollars, which is about N5.4 trillion this year worldwide. Olli Rehn, who heads the FIFA committee set up to tackle the effects of the pandemic, said the cost is around one third of its value. The made the disclosure on Wednesday.
He added that FIFA, along with financial consultants, had estimated the club game to be worth between 40 billion dollars and 45 billion dollars worldwide. Rehn said the figure of 14 billion dollars was based on the current scenario, where football is slowly restarting after a three-month hiatus earlier this year.
But the FIFA official stated that it would be a “different ball game” if the pandemic did not let up. “Football has been hit very hard by the coronavirus pandemic,” Rehn, a former EU commissioner and now governor of the Bank of Finland, said.
“It has created plenty of turmoil at different levels with some professional clubs facing very serious difficulties. I’m also very concerned about youth academies and lower division clubs.”
Rehn said that football in South America had been especially hard hit, while Africa and Asia were also a concern. “It is a real danger that the good work that has been done developing football in Asia and Africa could be ruined. So, we want to soften the blow and maintain the development that has been done,” he said.
FIFA has allocated 1.5 billion dollars to help tackle the effects of the pandemic and Rehn said 150 of the 211 member-associations had so far applied for funds. He said that, while football was slowly re-awakening, another downturn could not be ruled out.
“The critical thing will be whether a vaccine will be developed and can be used, and that we have medical and other means to fully contain and tame the pandemic, and that is uncertain,” Rehn said.
“We cannot rule out worse developments and that would be another ball game if the pandemic were to continue in a severe form next year. Now we are working on the basis of the current scenario.”