WWE has released a statement about what kind of impact the coronavirus could have on their business moving forward as we approach WrestleMania 36 in April.
We have already seen the coronavirus have an impact on many sports and leagues throughout the world, with several leagues either cancelling or postponing their seasons.
Now COVID-19 has been officially declared a pandemic, sports and live events have been drastically affected, including WWE events.
It has already been announced that WWE is moving Friday's SmackDown event from the Little Caesar's Arena in Detroit, Michigan to the Performance Center in Orlando, Florida with no audience.
The company has also released a statement on what kind of impact the coronavirus could have on their business moving forward as we get closer to the date of WrestleMania 36, WWE’s biggest show of the year, on April 5.
WWE said in their statement on their website: “WWE (NYSE: WWE) today communicated perspective regarding the potential impact of COVID-19 on the Company’s financial performance.
“WWE has substantial financial resources, both available cash and debt capacity, which currently total more than $0.5 billion, to manage the challenges ahead. The fundamentals of the Company’s business remain strong reflecting the passion of WWE’s fans and the quality of its content.
“Management continues to believe the Company is well positioned to take full advantage of the changing media landscape and increasing value of live sports rights over the longer term.
“The health and safety of WWE’s fans, performers and employees are the Company’s top priorities and management is monitoring the situation closely domestically and internationally.
“The potential impact of COVID-19, and corresponding changes in the way WWE operates, may adversely impact the Company’s business including, but not limited to, its live event ticket sales and the sale of merchandise at those events.
“It should be noted that the Company may be directed to cancel, postpone or relocate certain upcoming events and the number of these changes is unknown at this time. The Company is currently unable to quantify the potential financial impact of COVID-19, but the financial impact to the Company may be material.
“Accordingly, the Company is withdrawing its previously announced first quarter and full year 2020 guidance due to the increased uncertainty of the financial impact of COVID-19 to the Company.”
WWE also released a statement about their back-up plans for WrestleMania 36 should the event be cancelled by local officials.
They said, via Wrestling Inc: “While we remain committed to hosting WrestleMania at Raymond James Stadium on Sunday, April 5, we are putting contingency plans in place in the event that it is cancelled by government officials, civil authorities and/or local venues.
“The health and safety of our fans, performers and employees are our top priorities and we are monitoring the situation closely with our partners and government officials in Tampa Bay.”
WWE has a live event at Madison Square Garden later this month which is expected to be postponed or cancelled, and the status of WrestleMania 36 is up in the air, but that show is also expected to be cancelled or postponed soon.
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