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As the coronavirus pandemic continues to devastate markets and industries around the globe, organizations are now facing considerable and unique challenges. Effective analysis of these problems will need thoughtful and wide-ranging planning.
Certainly, in the last week, the Sports & Entertainment Industry has been severely affected by the unavoidable effect of the pandemic. Professional and collegiate sports leagues in the United States and globally have faced cancellation, suspension, or postponement. In the longer term, summer events like the UEFA’s Euro 2020 and the Tokyo Olympics also appear to be imperiled.
In light of these extraordinary developments reflecting the phenomenal spread of the pandemic, it is vital that stakeholders in the Sports & Entertainment Industry—such as leagues, government, arena, stadium, athletes, vendors and sponsors—comprehend the many legal problems linked with the outbreak.
Several of these stakeholders are likely to face issues pertaining to agreements, coverage, employment, health and security, and more. Effective strategy for any organization is very important and should involve the creation of a crisis management team that should include people from different walks of life. A number of contracts may be impacted by event dissolutions and other disturbances
In total, it is significant that the Sports & Entertainment Industry take additional and fundamental measures now in a bid to alleviate risk and respond to effects from the pandemic that has affected the world in more ways than one. The detrimental effects of the virus can only be contained if scientists sit together and come up with a vaccine as soon as possible. Already, the pandemic has taken a heavy toll not just on human life but also on the commercial and financial activity, with many businesses forced to shut down operations and lay off employees.