COVID-19 has brought nothing but major misery worldwide, and that's not just on the health sector.
The financial impact has been quite unlike what many people have seen in their lifetimes, and many individuals and businesses are still trying to get themselves back on track a year after the pandemic struck.
Football obviously is no exception.
FIFA, the beautiful game's governing body, recently posted staggering losses for the fiscal year of 2020.
How much? Well, in 2019, the organization made about $765.6 million.
In 2020, they pulled in a paltry $266.5 million.
"Now, wait a minute!" some people may say. "I'd love to have pulled in $270 million last year! If I had that kind of money, I'd be making bank!"
Fair enough, but if you're used to making at least $700 to $800 million on average, $270 million is obviously a massive drop. FIFA ended up losing a whopping65 per cent in revenue in just one year. The bulk of those losses came from, not surprisingly, licensing, which was around $159 million.
The organization had to also part with about $271 million for a COVID-19 relief package to help disadvantaged nations who were not equipped to deal with the pandemic. All in all, 2020 was a nightmare of a year for FIFA, who lost a total of $778 million, and are anticipating revenues to continue falling from now until the 2022 World Cup.
Will that event see a rise in the governing body's fortunes? Only time will tell...
