Sports team owners also take a hit due to pandemic
MANILA, Philippines – As the novel coronavirus (COVID-19) pandemic rolls on, a lot of business owners are also feeling the financial effects of the crisis.
Sports team owners, who usually have various business ventures, are no exception to this unfortunate circumstance.
Most teams in different leagues have been trying to cope with the situation with salary cuts and other cost-cutting measures.
But some, like the Philippine Football League's Ceres-Negros FC and the Philippine Basketball Association's Blackwater Elite, have deemed it too much for their abilities.
Three-time PFL champs Ceres will be undergoing changes in ownership and management, despite the team's great success in both the league and international competitions.
Ceres Transport Incorporated, a bus company which has funded the team for eight years, was hit badly by the pandemic with public transportation stalled during the months of lockdown.
The PFL squad, which has been considered one of the top teams in the region, is currently looking for new investors to keep the team intact.
Meanwhile, the PBA squad Blackwater Elite announced on Wednesday that the franchise is for sale for the price tag of Php150 million.
Team owner Dioceldo Sy didn't mention financial losses from the pandemic as a reason for his decision to sell the team, but it did likely contribute to his decision.
"My heart is no longer here," Sy told the STAR about his passion for the team in the PBA.
The PFL and the PBA have been given the green light to resume practices and are on their way in developing concrete plans to finally return to play amid the health crisis.
However, the effects of the months-long lockdown will not easily be shaken off by team owners.
- Latest
- Trending
