Although things appear to be improving somewhat after COVID-19 wreaked havoc on the world, things still have some ways to return to normal. This is clearly evident by the massive financial losses suffered by businesses worldwide, and football has not been immune to COVID-19's effects.
The Premier League, arguably the most profitable footballing league in the world by a long shot has been hit quite hard by the global pandemic. According to a report from multi-national accounting firm Deloitte, while the 20 teams featuring in England's top flight brought in a combined total revenue of $6.3 billion (£4.5 billion), this figure still represented a 13 percent drop in revenue.
To compound matters, the 20 teams posted eye-watering losses totaling $1.4 billion (£1.0 billion) during the 2019/2020 season. To put this in perspective, the season prior to that posted losses were approximately $281.5 million (£200 million), so this year's deficit is nearly five times that from the prior term. The billion-dollar (or pound loss) is also the largest in Premier League history.
It's no surprise though, as COVID-19 forced stadiums to close down and thus affected gameday revenue and advertising - two areas which clubs rely on for income streams. That being said, with things starting to slowly get back track, with fans returning to the stadiums, clubs will hopefully be able to recoup these losses sooner rather than later.
