The problems in the sports field have been a major concern since the pandemic and these complications seem to be tough to get over.
The cancellation and postponement of events have led to severe losses across various fields of entertainment. The Australian Open 2021 is one such event that has taken successfully.
Major grand slam events like Australian Open involves a lot of money and during a downfall, there could be an extreme loss. In an unfortunate turn of events, Tennis Australia was dealt an enormous blow because it was facing losses worth around 100 million dollars. As compared to the previous years the sponsors are less committed towards the aid due to the results the pandemic has produced and disturbed.
With the costs of safety measures increasing day by day and with fewer financial help the situation is not quite in control.
The administration has clarified that it might require external help so as to beat the shortfalls economically. Tennis Australia issued a press release which stated, “The Group will presumably introduce external funding within the sort of a line of credit to hide the many costs that have arisen keeping in mind the Bio-security measures and including the quarantine and Covid-19 protocols.
To have a supply of cash flow is crucial, especially if the date of commencement is around the corner.
When the date of commencement is around the corner then it is essential to have a proper cash flow at that particular time. The most important aspect for team Australia, for now, is to get financial aid at any cost.
Recently, while chatting with Tennis Australia chief, Craig Tiley, he said, “these costs we are exploring options for a line of credit and/or a loan which can allow us to maintain income at critical times and support us within the recovery from the impacts of the pandemic once access to Government subsidies have ended. We believe that recovery from the pandemic will take up to 5 years.”
It’s damaging to ascertain such obstacles looming around such an excellent event. Fans from all over the globe visit this grand slam Australian Open. As a tennis enthusiast, it might be great if things are often fixed and having stability ensured.