- CFL is in serious financial troubles following the COVID-19 pandemic crisis.
- The league expects help from the federal government and needs $30 million in the shortest possible time.
- Canada is preparing $145 billion to repair the economic damages caused by the pandemic.
COVID-19 Shuts Down CFL’s Income
The COVID-19 pandemic has created a lot of problems for the entire humanity, and be sure that it is no different in sports. The latest competition that got into trouble because of the Coronavirus is the Canadian Football League. And according to its leaders, the situation is very critical.
If the government doesn’t help them shortly, CFL will be close to bankruptcy. According to its Commissioner Randy Ambrosie, at least $150 million would be needed to repair the damage from the pandemic if the entire season is canceled. However, $30 million should be given instantly, for the current needs.
“Our best-case scenario is we’re almost certain to have to cancel games. But at worst, if this crisis persists and large gatherings are prevented, we could lose the whole season and the types of losses we could incur would be devastating,” Ambrosie said.
The season was supposed to start on June 11, but right now, the most optimistic scenario plans that in September. What is the most problematic situation for CFL is the fact that it can’t function without the fans and the revenue from the gates. Even if the season starts at some point, the financial losses for CFL are going to be enormous. It is estimated that between $20 and $70 million will be the sum of the financial aid requested if the season is shortened.
The league proposes to pay back this money through various partnerships with the government, the local authorities, and communities. It would include its involvement in tourism promotions, social programs, and projects, etc, as they can’t repay the entire sum loaned.
At the moment, the federal government approved a $73 billion package, which would help those who are endangered the most with the current COVID-19 situation. It is made to cover 75% of the wage costs for the employees whose revenues were struck the hardest in the last month. The entire package is almost half of $145 billion provided by the government to ease up the consequences on the economy.
CFL the Canadian Trademark
CLF is one of the most popular Canadian competitions, and one with the longest tradition. The Grey Cup was established in 1909, and the CFL was introduced in 1958. Now, for the first time in its history, its survival is heavily endangered.
“I wake up every day reminded how important this game is to Canada,” Ambrosie said. “How big a part of Canada it’s been for now 107 Grey Cups and the 108th that would be played this year….In so many ways, we are so much like this country and we want to make sure we’re around for the next generation and the generations after.”
At the moment, there haven’t been any responses from the government, and its representatives who were contacted by the media declined to comment on this matter. In the meantime, the league didn’t have any income in the last six weeks.
