Wanda Sports, owner of IRONMAN, loses 24 million in the first quarter due to coronavirus
The line of events has invoiced 78% less than in the previous year
The Chinese group, which integrates Infront and specializes in the organization of sporting events, invoiced 163,7 million euros, An 26% less than in 2019.
We echo this news published by Palco 21, where the losses suffered by the Chinese giant in the pandemic are counted.
Closed March with losses of 24 million euros
The Chinese group, which integrates Infront and specializes in organizing popular events, closed March with losses of 24 million euros, almost triple that of the same period last year.
Between January and March, the company had a turnover of 163,7 million euros, 26% less than in 2019 due to the cancellation of events, such as popular races, IRONMAN, etc.
In fact, this line of business billed 78% less than the previous year, with a total of 4,3 million euros.
Its sports line, down 28% in the first quarter
“The number of athletes with decreased to 4,000 in the first quarter of 2020, compared to 45,000 in the first quarter of 2019,” the company said.
The most relevant segment was that of sports shows, which generated 85% of the group's sales, with a total of 194,1 million euros. Of course, this line contracted 28% compared to the first quarter of 2019.
This line of business billed 78% less than in the previous year, with a total of 4,3 million euros.
The Dpss business, which includes audiovisual and digital rights, accounted for 10% of sales, with 21,5 million euros. It was the only segment that improved its turnover, with an increase of 6%.
Waiting for your forecasts for 2020
The company has not communicated its forecasts for 2020, but states that “is working closely with governments, partners, rights holders, sponsors and event organizers to assess the impact of Covid-19 over time and protocols for events to be hosted in the future.".
"In my opinion, it will likely be at least two to three years before we see a return to some sort of "new normal." “, and that's the best case scenario,” Jones estimated.
Wanda's sale pending
Wanda Sports said its sale of the Ironman Group is still pending. The deal is said to be able to generate approximately $ 391 million to $ 412 million in revenue.
There are no previous results.
