Sports persons must cut spending

Our sports personalities should take cue from economic experts on the financial losses that stand on their way this season. The coronavirus pandemic is not a short term social disruption since it might take months before normalcy resumes. It has been the norm for world beating athletes, star footballers, rugby bigwigs, professional golfers and cricketers and others to over spend after winning millions.

Athletes, for instance, stand to lose almost Sh5 billion in appearance fees, prize money and other endorsements — outside contracts with sportswear firms – this season. They will not race in well-heeled marathons and races. This is the 14 leg Diamond League series, World Athletics Continental Tour, the Olympic Games and several marathons.

The crisis will deal a big blow to them. They must cut down on their spending, especially those unemployed and depend on sports for a living. They should reduce unnecessary expenditure, save the cash they have and stop capital expenditure. This will enable them remain psychologically fit and stand in the right frame of mind for training.

They should rethink their business plans unless they are directly responding to the coronavirus crisis. Most sports persons, especially athletes have moved from their upmarket homes to their rural homes as part of public health measures of physical distance. That is a good move but having savings to help their families and enhance their training is paramount at this point in time. They need to utilise their exploits well.