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No aspect of life has been unaffected by the recent outbreak of COVID-19, from healthcare to people’s social lives – every part of a person’s life has been touched in some way.
The sports industry is no different and was an early victim of the COVID-19 outbreak, which has already caused the closure of many sporting venues and seen the postponement of football leagues, motorsport races and many other major competitive events.
In the past week, the commercial impact of the COVID-19 outbreak on the sports industry has become very apparent, with football clubs already concerned about their significant wage bills and the loss of income from advertising and ticket sales.
The impact is likely to be felt by all stakeholders involved in sport, from clubs and sponsors to employees and ultimately the fans as consumers.
The cancellation and/or postponement of sporting events as a precaution against furthering the spread of COVID-19 is likely to lead to many different legal challenges in the coming months and years.
Our dedicated sports team are already assisting various clients affected by this ongoing situation and are regularly assisting with:
- Assessing the commercial impact and liability of non-performance in sponsorship and endorsement agreements, commercial partnerships, kit-supply contracts and player-agent representation agreements.
- Providing strategies on limiting the impact of COVID-19 and/or mitigating any consequences of non-performance.
- Evaluating and assisting with any impact on the brand value of clubs, athletes and commercial sponsors.
- Advising on any potential financial recovery and applicable sports insurance policies
Ultimately, we are assisting our sports clients with effective planning which is vitally important at this moment in time. To find out how we can assist you through this period of uncertainty, please contact us.