According to the official WHO announcements, COVID-19 pandemic began on March 12th, 2020. Since then, sports clubs have developed various methods of adapting to the new reality. We’ve benchmarked them but not all the conclusions can be made yet.
Nevertheless, there is some essential information you should keep in mind in order to be well-prepared for the post-COVID reality. Check out our suggestions!
BALANCE YOUR BUDGET FOR UNPREDICTABLE FUTURE
Match Day revenues dropped dramatically. Depending on the countries’ regulations, they either went down by more than 80% or even completely disappeared. It constitutes a proof for the sports clubs and federations that they should plan their budget so that it’s balanced and dependent on many equally strong components.
The uncertainty about the Match Day revenues made some of the clubs worry too much about the decisions of the governments instead of focusing on the actions that are entirely dependent on them. One of the reasons for such behaviour was that broadcasters, commercial partners and sponsors were also about to face severe financial challenges. Sometimes, they wanted to renegotiate the contracts due to the decrease in the fans’ attendance and the number of their interactions with the sports brands. The winners here were those organisations that concentrated on moving their Fan Engagement from their stadiums to the internet.
Control the controllables!