COVID-19 and the financial crisis in the sports sector around the world

Abstract

The COVID-19 pandemic is not only hugely disrupting the global economy but also virtually bringing the sports sector to its knees. Using a descriptive exploratory study approach, this paper identifies the challenges for the sports industry caused by COVID-19. The findings revealed that COVID-19 has led to shortfalls in revenue, loss of jobs and subsequently high unemployment levels, downturn in standards of living, people’s fitness and general wellbeing, and rises in the cost of living. This study provides policy recommendations to sporting authorities and related bodies to adapt to this situation and find ways to overcome the serious problems created by the pandemic.