Nose-diving salaries the new normal for athletes worldwide

NEW DELHI: What can you do with $6 billion? America’s United Airlines would say it fetched them 50 new Airbus long range jets in 2019. The top five European football leagues may, however, say it’s still $13 million less than what they splurged in the summer transfer window last year.

The summer of 2019 also saw Virat Kohli pocket ~17 crore from the two month-long IPL. He led the pack of 10 cricketers who earned over ~10 crore each from the world’s richest cricket tournament. Another summer is upon us but missing is the buzz over astronomical, some would say inflated, players’ pay cheques caused by decades of burgeoning corporate capital.

The reason: Covid-19. The pandemic has caused a global economic crisis which will affect investment in sport. It has also indefinitely jettisoned major sport events leading to a world of reduced pay and furloughs.

Formula One drivers, including Mercedes’ world champion Lewis Hamilton and Ferrari’s Sebastian Vettel, have accepted cut in pay. Yet Mclaren’s chief executive Zak Brown has said four teams could fold due to loss of income. Footballers are in no better position. Barcelona, Juventus, Arsenal and Bayer Leverkusen have announced player pay cuts ranging from 12.5%to 70%. European Tour, golf’s secondbiggest after the USA’S PGA Tour, has cancelled or deferred 16 events.

On and off the playing fields, incomes nose-diving will be the new normal for athletes.