The amount of money to operate for sports events are increasing every year, such as FIFA World cup, ICC Cricket world cup, FedEx cup, UEFA Europa League, the world series, Super Bowl, UEFA Champions League, Asian Games, Winter and summer Olympic and even Paralympic as well. Sporting events are parties that break from daily routine. But, these days, sports events are not just a big event to enjoy or team competes against others. Global Sports events became a turning point for host country, which have been rise for years. Economic benefits is one of the main arguments used by leaders of host nations to justify the huge expenditure connected to organizing international sporting events. (#1)This is why countries are taking risk to spend huge amount …show more content…
Revenue is the money coming in through exchange of money for selling goods, products and provide service. Revenues is the key of an event’s potential success. During the sport events selling the merchandise for fans or tourist generates the revenue. Also, purchasing tickets by spectators to attend the events generates the revenue as well. Moreover, they might purchase food and beverage while attending event, creating another revenue. Because of this, business realized organizing big sports event leads to the successful financial statement and economic benefits. Furthermore, the average number of attendance in usual league games are much lower than number of attendance during the big sporting events. Korean league soccer for example, average attendance at K-league matches are 3000 whereas average attendance during 2002 World cup was about between 40000 and 50000. Besides, the number of attendance at K-league increased after the 2002 World Cup. Various benefits follow by big sport events results in increase of budgeting to produce better events to boost up …show more content…
Extensive construction led to hotel overcapacities, and there is no coherent plan for the after use of venues and some of the largest infrastructure projects. Also, some events did not manage to develop the host countries’ image in the world. Because of this, governments and organizations are reducing the budgets but their expectations are still increasing for hosting the sport events in their
First of all the stadiums and the teams always seem to be a great contender for positive economic development jobs focusing on helping the economic growth of a city. However, this is different from other economic improvement devices like tax credit, sports stadiums, soccer pi...
Mutually, television and sport understood that together profits would continue to increase. The emergence of global fan bases increased revenue across markets. The technological enhancements and the aesthetically advanced additions to sport broadcast boosted interest in events. Expanded coverage to occasional live major events gave the sports and the games a national level of recognition. The attractiveness of sport on television networks provided extreme financial gains with the revenue from advertisements and sponsorships. Live sporting events provide exciting content for the viewing experience, leading to why sport played such a significant part in the growth of television. Quality broadcast performances enhanced the viewing experiences of the fan through the television medium. Bringing major sporting events worldwide, conveyed major income for both television and sport, and also started the bases of global fans. Television and sport are highly dependent on the success of one
The topic that I have chosen is how externalities of a professional sports team affects the city, town, or state that it is in and how also it can increase or decrease the economic value of the current place that it resides in. There are plenty of professional sports teams in America, and some cities even have multiple teams inside of them, such as Boston, New York, Atlanta, etc. With numerous sports inside of the United States, the demand for a sports team is required; with this type of demand it could be beneficial or harmful for whichever city that it exist in.
Sporting is one of the universal activities that brings people from different backgrounds together and is viewed as an income generating activity that creates revenue for the participants as well as the location where the activities are held. The NCAA Final Four Basketball Tournament is one of the most anticipated sporting events in the US that attracts a high number of fans in the cities where it is held. Before the Final Four is held in given location, it is imperative for the organizers to have a detailed understanding of the venue so that they can introduce marketing strategies that are in line with the demands of the fans (Snipes & Ingram, 2007). The host committee is charged with the responsibility to come introduce an exhilarating experience for the locals and visitors. Owing to the interest generated
Over the time, athletes have become celebrities. You can find their posters hung on walls of millions of children’s rooms, their advertisements all around the television channels, and their pictures everywhere on billboards around the cities. In other words, they have become a sort of investment for their teams and sponsors as well as the mass media. That is why; many cities have decided to make use of that cash cow. They realized the popularity of those athletes is getting bigger, and they knew that any city that hosts a bunch of those celebrities would attract thousands of fans to watch, meet and cheer for them; something, which would turn a city into a tourist hub with thousands of people going in and out, generating millions in revenues for loc...
The Pan American Games (also referred to as the Pan Am Games) are the world's third largest international multi-sport games which take place every four years. These competitions constitute a major event in America however, Canada, Ontario will be proudly hosting the next edition in the upcoming year of 2015 within the following cities of; Toronto, Mississauga, Hamilton, and Niagara (Toronto 2015 Pan Am / Parapan Am Games, 2014). Holding a major multi-sport event requires a great deal of preparation and responsibility as the nation will be accountable for the performers, officials, and spectators. The abstract of this essay is to demonstrate how the Pan American Games will not only benefit the diversity and reputation of the city of Toronto, but as well present its offering to tourism.
From 2001 2002 there was a 23% increase in the construction of sports stadiums and arenas with costs of those facilities upwards of $7.8 billion. The growing global sport industry requires that sport facility and event management keep current of new and proven management techniques. Sport Facility Management: Organizing Events and Mitigating Risks by Ammon, Jr., Southall, and Blair, provides readers with a basic introduction to elements of facility management for the full range of sporting and entertainment events. There is a high demand for individuals who are educated and trained in facility management, event organization, and risk management and since the September 11 attacks there has been a great emphasis placed on facility and risk management. Each chapter provides theoretical foundations and practical applications for each critical phase of facility management. The authors provided photographs, case studies, and industry examples to assist the reader in gaining an overall basic, picture of the sporting event and entertainment industry today. The book provides in-depth discussions about positive advances that have made the entire experience easier and more comfortable for fans; and about the negative economic and cultural consequences for sport events after September 11 2001.
With over two hundred countries participating, the Olympic Games is easily considered as one of the largest multisport event known to history. The Olympics are held at a different country, and even more rarely at the same city. For a country to be chosen to host the Olympics, the country’s National Olympic Committee (the country’s representatives for the Olympics) nominates a city (from the country they represent) that they think has potential in hosting the Olympics nine years prior to when they wish to host the Olympics. It is a two year process that consists of: Application Phase, Candidate Phase and the Election of the Host City. The country that wins the election is given seven years to prepare for the Olympics. (International Olympic Committee, n.d., p. xx-xx) The hosting country expends billions of dollars, usually money they don’t have, preparing for the Olympics. Then the question is raised 'why would a country go through so much trouble and spend an outrageous amount of money to host this event?' Throughout this discussion paper it will address all the pros and cons for a country to host the Olympics. It will also see if a smaller sports event can produce the same benefits the Olympic offers with less cost and risk.
It was estimated that the Olympic Games 2012 would involve more than 11,000 athletes and officials, 1 million visitors from around the world, and 4 billion television audiences, or more. Therefore, it was important to ensure that the Games preparations were ready on time, delivered high standard sports facilities to the sports professionals while controlled spending within budget.
Billions of dollars and hours are spent, every four years, preparing for the Olympics. In the mid 1990’s, the schedule was modified to have alternating summer and winter games on a biyearly cycle. Countries fight for the honor of hosting these worldwide games. At first glance, it may seem exciting and glamorous to be chosen to host the games. The Olympics can offer the opportunity for the world to see the host city and surrounding area at its best, potentially generating future tourism and fame. A short term economic boom may result due to the creation of jobs, added tourist revenue, and other growth. Hosting the Olympics generates excitement and enthusiasm in cities and countries that may need a boost. However, when one takes a look further
Many people would question if the cost of the Olympics is worth it. Billions of dollars are used to make the Olympics what it is, and a lot of money is spent on manufacturing medals, and building arenas for the sports events. The arenas also require lots of money to maintain during the Olympics, as well as afterwards if they are to be recycled as sporting event centres. Housing for the athletes also takes quite a few million to create, even though they are only used for athlete housing for a couple of weeks. So much money was put into things like accommodation, but there were many complaints from everyone residing there that most parts of the building were incomplete or malfunctioning. The 2014 Winter Olympic Games in Sochi’s original budget was twelv...
One may disagree that hosting Olympics is not worthwhile as it requires a city or a country to bring out an enormous sum of money for the preparation and planning of hosting the Olympics. Zimbalist (2012, pp. 116) says that the summer Games roughly generates a total of $5-$6 billion and almost half of it belongs to the International Olympic Committee. On the other hand, the cost of the games has increased roughly
Global events benefit regional, tourism and community development. Take for instance the Commonwealth Games and the Olympics. They both are events held globally that increase visitor’s expenditure and length of stay while improving destination awareness and increasing civic pride. Janecko, Mules and Ritchie (2002) explain events in small regional destinations are obviously beneficial and often play an important role in tourism development and thereby in regional development however, differ due to size and scale of the event. Global events create employment and increase labour supply, expenditures and even the standard of living. ‘As local economics have adapted to changing to global dynamics, the hosting of international events has become more commonplace and can play a significant role in local development, acting as a catalysts for jo...
There are a lot of massive spectacles like the Super Bowl, the World Series, the NBA play-offs, the Olympic Games, College Football Games. Each of these sports activities takes in many millions of dollars from television revenues and dominates national sports news for days or weeks.
There are many deciding factors that can confirm that the World Cup is truly the biggest sporting event in the world. A massive amount of money is invested into the World cup every time it comes around. Three billion has al...