Amid a week that saw markets rise and fall on the latest coronavirus headlines, the sports world was left to cope with a series of disappointing cancellations.
Top of mind for many college athletes and fans alike was news that the annual men’s and women’s March Madness tournaments would be canceled due to the outbreak of coronavirus. The decision came March 12 after the NBA announced it would suspend its season after a Utah Jazz player tested positive for COVID-19.
Officials had initially planned for March Madness games to be played without fans in attendance.
The decision pressured stocks across sectors including apparel, gaming, broadcasting and travel.
Real Money’s Bret Jensen noted that the March Madness cancellation isn’t even the only thing for apparel makers like Nike (NKE) - Get Report to worry about as stores across the nation close. Nike was down around 5% at 12 p.m. Friday.
Despite the obvious financial pressures, college seniors who were robbed of their final season may feel the largest impact of the March Madness cancellation. Sports Illustrated’s Pat Forde writes: "I’m sorry for every other NCAA championship-bound senior in every other winter and spring sport, all of whom had their college careers ended Thursday in a completely unimaginable way."
But is there a chance that the cancellation isn’t the end of the story for these college seniors? JohnWallStreet’s chief content officer Corey Leff joined Sports Illustrated host Robin Lundberg to talk the possibility of giving college basketball players another year of eligibility, and more importantly, what it would cost.