Question

what role does finance play in sport management

Answer 1

In sports management, finance concepts are used for budgeting and forecasting the future revenues and expenses of the teams/organizations. This involves creating a strategy by considering the current trends, external and internal constraints, breaking down expenses into various variable and fixed categories, estimating revenue tickets and sponsorships,etc. Organization of financial information into dashboards that can be understood by the stakeholders is the result and purpose of the financial management. Finance is also used to create partnerships in sports, looking for high revenue opportunities and cost cutting. Use of media in maximizing the revenue and assessment of its role is also part of sports finance.