Sport bosses warned of huge financial losses due to the coronavirus pandemic when they appeared before the Digital, Culture, Media and Sport (DCMS) committee of MPs.
Rugby Football Union chief executive Bill Sweeney added cancelling England's Autumn Tests, against New Zealand, Tonga, Argentina and Australia, could cost £107m.
Parry also warned that the "lawyers are going to get wealthy" if the Premier League tried to stop three teams being promoted and relegated as part of plans to bring the season to a close.
Sport England chief executive Tim Hollingsworth said his organisation's Community Emergency Fund for grassroots clubs hit by effects of the Covid-19 outbreak was oversubscribed.
"We would expect 4,000 applications in a year - over the last five weeks we have had 7,500 applications," he told the DCMS committee.