Belgian sports economist Wim Lage warns that the impact of the COVID-19 coronavirus on sports sponsors could result in a 30-35% decrease in riders' salaries in 2021. Meanwhile, rider agent Yannick Prévost advises riders to accept early contract offers rather than hold out in hopes of a better deal.

As sponsors struggle to honor contracts for the 2020 season due to the economic impact of COVID-19, many men's and women's teams are cutting costs, especially rider salaries. Approximately 1,000 players on the World Tour and professional teams will have their contracts terminated at the end of the season, leaving many with reduced income and significant uncertainty about their future.

Chris Froome is arguably the biggest name on the 2021 transfer market, and according to Cycling News he is considering a mid-season move from Team Ineos, with several teams interested in signing him for 2021. Adam and Simon Yates (Mitchelton Scott), Bob Jungels (Deceuninck Quickstep), Richie Porte (Trek Segafredo), and Maximilian Schachmann (Bora Hansgrohe) are also looking to acquire him.

Even players who are under contract in 2021 could face potential pay cuts as teams adjust to and survive declining sponsorship revenues over the next few years. While some players and their agents may be able to extend their contracts at lower salaries, with many teams facing closure, the market is expected to be flooded with players of all types, forcing them to lower their salaries.

"According to the latest figures we have available, sports marketing budgets worldwide will decrease by 30-35%," Ragae, an expert in cycling economics who works at KU Leuven, told the Belgian newspaper Het Nieuwsblad.

"It would be strange if this were different for sponsors of cycling teams. Soccer still gets a lot of its revenue from media rights and ticket revenues, but that is not the case in the current weak business model of cycling."

"Wages, after 30 years of constant growth, will drop to the levels of 10 or 15 years ago. Even existing contracts will be renegotiated with some teams, with cuts expected to average 30%. Negotiating power is no longer in the rider."

Belgian Classic's Oliver Naessen is one of the few riders to announce a contract extension in recent weeks.

However, several teams are waiting for confirmation of 2021 funding from sponsors, which has slowed the rider transfer market.

Naessen works with the ISEA sports management company, which represents many Belgian riders, including Wout Van Aert and Victor Kampenaerts Yannick Prévost, who brokered a new contract with Naessen through the end of 2023. and advised Ryder to move quickly to secure a new contract.

"I am already predicting a recession," Prevost predicted.

"We already advise our riders not to wait for a good offer. Nearly 80% of the team's budget is spent on wages. So if the budget goes down, so will the wages."