TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets    UN conference expresses concern over ME escalation    Egypt, Japan's JICA plan school expansion – Cabinet    Egypt's EDA, AstraZeneca discuss local manufacturing    Egypt's PM forms crisis committee to monitor Iran-Israel fallout    Israel intensifies strikes on Tehran as Iran vows retaliation, global leaders call for de-escalation    Egypt issues nearly 20 million digital treatment approvals as health insurance digitalisation accelerates    Pakistan FM warns against fake news, details Iran-Israel de-escalation role    Russia seeks mediator role in Mideast, balancing Iran and Israel ties    LTRA, Rehla Rides forge public–private partnership for smart transport    Electricity Minister discusses enhanced energy cooperation with EIB, EU delegations    Egyptian pound rebounds at June 16 close – CBE    China's fixed asset investment surges in Jan–May    Egypt secures €21m EU grant for low-carbon transition    EHA, Konecta explore strategic partnership in digital transformation, smart healthcare    Sisi launches new support initiative for families of war, terrorism victims    Egypt nuclear authority: No radiation rise amid regional unrest    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt slams Israeli strike on Iran, warns of regional chaos    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt, Serbia explore cultural cooperation in heritage, tourism    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



English soccer warned of $1B pandemic losses, clubs closing
Published in Ahram Online on 07 - 04 - 2020

English soccer faced warnings on Tuesday that losses caused by the coronavirus pandemic could exceed $1 billion and clubs could go out of business.
The financial alarm was sounded by the heads of the English Football Association and Premier League as well-paid players in the top flight resist calls to cut their salaries because they believe the move would only benefit wealthy owners.
FA chairman Greg Clarke urged the country to unite to ``keep the game alive.''
In the lower leagues, third-tier promotion hopeful Sunderland and fourth-tier leader Crewe announced they would place staff, including players, on the government's job retention scheme.
Premier League chief executive Richard Masters wrote to the head of the parliamentary sports committee Julian Knight to defend the decision by some clubs in the world's richest soccer competition to have the government pay the salaries of furloughed non-playing staff.
``The furlough scheme announced by government is meant for the whole economy, including many enterprises which might be regarded as providing entertainment or otherwise dependent on elite talent,'' Masters wrote. ``Not only is our industry facing losses now, but to be realistic, we must also base our plans on full recovery being some distance away.
``Ultimately, the very heavy losses that we face will have to be dealt with or else clubs or other enterprises who depend on football for income will go out of business.''
The league was paused more than three weeks ago with Liverpool leading by 25 points with nine game games remaining and is indefinitely suspended.
Masters said the Premier League faces losses of at least 1 billion pounds ($1.2 billion) if the season cannot be completed. But Knight, a member of the House of Commons in the ruling Conservative Party, said Masters was ``defending the indefensible`` in justifying Premier League clubs ``resorting to taking money from the government scheme.''
The Football Association said furloughing any of its staff is only a contingency plan, having already reduced salaries, including England manager Gareth Southgate taking a 30% cut.
``Football faces economic challenges beyond the wildest imagination of those who run it,`` Clarke told the FA Council. ``The pandemic will be followed by its economic consequences and all business sectors will suffer. We face the danger of losing clubs and leagues as finances collapse.
``Many communities could lose the clubs at their heart with little chance of resurrection. In the face of this unprecedented adversity, all the stakeholders within the game from players, fans, clubs, owners and administrators need to step up and share the pain to keep the game alive.''
Under the scheme implemented to help businesses survive the national lockdown, staff can be put on furlough and receive 80% of their salaries from the government, up to a maximum of 2,500 pounds ($3,000) a month.
Liverpool on Monday reversed a decision to apply its furloughed non-playing staff for the scheme and apologized to fans after facing public backlash.
Manchester United manager Ole Gunnar Solskjaer defended players who have been criticized by the government for not reducing their pay as clubs deal with the lack of revenue with sport on hold.
``It's unfair to call on any individual or footballers as a group because I already know players do a great amount of work in the community, and players are doing a lot to help in this situation,'' Solskjaer said.
(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.)


Clic here to read the story from its source.