• Two thirds of performance venues have lost over 70% of revenues, our survey shows
• Government help covers less than 30% of those losses, 87% of venue leaders say
It is clear that the UK is about to suffer a severe recession. But some industries will be hit much harder than others. We have conducted a survey of CEO’s and leaders of theatres and performing arts businesses, and the results are shocking.
HFootball continues to blaze a trail in the world of unbelievable employment practices.
It’s a world where those seen as failures by many fans continue to get plum jobs, where a manager who has never won any significant silverware can become England boss, and where players are bought and sold with valuations that absolutely defy logic.
Here’s an example: today, Manchester United announced that Paul Pogba would be joining them. They are spending £89m on a player who left them for £800,000 only four years ago. In any other industry, this would be insane; but Man U are not alone. My club, Chelsea, seems keen to pay £60m for Lukaku, a player they sold for £28m only two years ago. And they have history here: in 1997 they bought Graeme LeSaux for £5m, having sold him for £700,000 a few years earlier. In 2015, Chelsea paid £23m for Matic, a player they had swapped four years earlier for a valuation of £3m.
The whole thing is indicative of a Premiership micro-economy which has no relationship with the wider travails of the last eight years. Average wages in the UK have increased from around £15,000 to £25,000 (a 67% increase) since 2000, with inflation pretty much in line. The average salary of first team players in the Premier League has gone from £410,000 in 2,000 to around £2m per year (with bonuses) in 2014/15– an increase of over 400%.