1 of 1- Muffaraw Joe
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From the "Stuff is getting wild department" this could have big costs
So, in the news today, there is talk, (it is only talk at this point) that the Corona virus could lead to the cancellation of the Summer Olympics in Tokyo. I am not sure there is an insurance company in the world who would "underwrite" that risk...
But according to Dick Pound there is a 3 month window of this happening. The costs would be a huge blow (this may be putting it mildly) to the Japanese economy. Not to mention the ad revenue losses, which affect the media...the tourism, the athletes. The list goes on and on.
Can the global advertisers and media re-group from this potential loss too?
What does a company tell it's shareholders?
Or if commitments for sponsorship have been made and aren't fulfilled who pays?
Big questions for a freaking virus also known as the common cold, gone very wrong...
Here is more on the costs of cancelling the Summer Games...by the way if you haven't noticed, these games don't normally get cancelled...5 games have been cancelled before and that was due to the 2nd and 1st World Wars.
Please comment...
The world would be so good if it weren't for some people...
- Chrisphen
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Re: From the "Stuff is getting wild department" this could have big costs
To quote Harry Shearer, "The Olympics! It's a movement. And we all need one. EVERY DAY!"
- paterson1
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Re: From the "Stuff is getting wild department" this could have big costs
I guess they could always bump the games back one year; not ideal but about the only thing the IOC and Japan could do if the summer games had to be cancelled. Still the losses would be in the billions. Hopefully the world's TV rights holders have some sort of insurance for situations like this. The Olympics are becoming too costly for cities and countries. Remember the IOC pushing Calgary last year to put in a bid for the Winter Olympics for 2026 since the bids were few and far between. Taxpayers in the city nixed the idea of hosting again.
No doubt Japan would put on an amazing games, let's hope in three months everything is a go, Japan economically is a strong country, however they are going through a recession and cancelling the Olympics would only add to the pain. Also Japan demographically is an older country, with a debt to gdp of 200% so they either need to start having a lot more kids or take in immigrants.
Last edited by paterson1 (February 25, 2020 8:55 pm)
- Dale Patterson
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Re: From the "Stuff is getting wild department" this could have big costs
=12px>> I guess they could always bump the games back one year; not ideal but about the only thing the IOC and Japan could do if the summer games had to be cancelled.
Probably the best solution, kind of like when the Ryder Cup was pushed back a year after 9/11.
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